October

Long-Awaited FHA Condo Rule Goes into Effect Oct. 15

On August 14, 2019, the U.S. Department of Housing and Urban Development (HUD) released the long-awaited final rule on project approval for single-family condominiums insured by the Federal Housing Administration (FHA). For many years, NAR urged HUD to finalize changes to the previous rule that would ease restrictions on FHA financing for condominiums, thus enabling more first-time buyers, older adults, and low to moderate-income families to achieve the dream of homeownership. We will continue to work with FHA and Freddie Mac and Fannie Mae to insure that people who wish to purchase a condominium have safe affordable access to mortgage credit. The final rule goes into effect on Oct. 15.

Due to technical difficulties, we were unable to take your questions live on this important issue, but watch the video below and type your questions in the comment section for NAR staff experts to answer.

Resources

Check out the resources below to assist you in understanding the FHA Condo Rules and in serving your clients.

 NAR’s Condominium Page

FHA Condominium Rule Assessment

HUD Condo Project Look Up

VA Condo Project Look Up

FHA Single Family Housing Policy Handbook – Condo Project Approval

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Staging for Advocacy Success

Victoria Gillespie and Shannon McGahn

Victoria Gillespie (L) and Shannon McGahn (R)

NAR took another step forward to ensure that your interests are heard in Washington with the announcement of Shannon McGahn. As senior vice president of government affairs, Shannon will report to chief advocacy officer Bill Malkasian. In addition, Victoria Gillespie was named NAR’s chief marketing and communications officer. We’re excited to welcome these powerhouse additions to NAR’s senior staff leadership.

We understand there might be concerns about Shannon having worked for members of Congress that were opposed to NAR’s agenda to protect incentives for real estate. Continuing our commitment to being open and transparent, we conducted a thorough, exhaustive process, and Shannon McGahn emerged as the clear choice. This included the creation of an advisory board that included a diverse array of association leadership from the national, state and local levels, as well as D.C.- based political consultants to guide us through the process. Advisory board members represented Republicans, Democrats, and Independents, ensuring our decision would have input from the broader opinions of our membership and this industry. And we were thrilled when she informed us of her decision to accept the offer to become this association’s next senior vice president of government affairs.

We are excited that Shannon is committed to advancing innovative, 21st century approaches to advocacy. In today’s political climate, this is more important than ever. The dynamic in Washington has changed, and we must evolve if we are going to maintain our significant influence in the nation’s capital. Shannon McGahn’s leadership, direction, and focus will ensure NAR remains America’s most prominent government affairs group.

We look forward to seeing everyone at the 2018 REALTORS® Conference & Expo in Boston in a few weeks. And hope everyone tunes in on Nov. 6 and 7 for the REALTOR® Party’s election coverage and post-election Facebook Live, where you’ll get to hear from Shannon directly. Don’t forget to sign our pledge to vote, and to head to the polls on Nov. 6.

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