Currently, only 6% of U.S. condominium projects are approved by the FHA, and 93% of condominium homeowners have no access to FHA-insured mortgages.
A critical component of the Federal Housing Administration's (FHA) mission is serving first-time homebuyers and minority borrowers. Recently, at CAI's 2018 Advocacy Summit in Washington, D.C., more than 100 advocates met with 150 congressional offices and federal lawmakers to educate them about the community association housing model, specifically pushing for reform of the FHA's condominium program. Most condominium homeowners and homebuyers have only limited access to FHA-insured mortgages, which reduces lending competition and results in higher mortgage fees for condominium borrowers.
Summit attendees’ efforts already are paying dividends by Senators initiating and support this important letter to HUD. Immediately following the event, Senators Tim Scott (R-SC) and Robert Menendez (D-NJ) asked CAI to recruit other senators to cosign a letter they drafted to Housing and Urban Development Secretary Ben Carson on the need to update FHA condominium rules. CAI is asking for your help, to persuade even more to sign the letter. Constituent contact is what opens doors for CAI’s lobbying team on your behalf.
To date, 25 Senators (including Sen. Robert Merkley of Oregon) have cosigned the Scott-Menendez condominium letter. The deadline to cosign is June 11. Ron Wyden (Oregon), Patty Murray (Washington) and Maria Cantwell (Washington) have not signed as of this writing.