H.R. 3700 was introduced for the purpose of reforming the process utilized by FHA to certify condominium associations. On July 29, 2016, H.R. 3700 was signed into law by President Obama. H.R. 3700 has been supported by CAI and considered a much needed change in the industry.Key changes set forth in H.R. 3700 include the following:
Now that the bill is officially law, the FHA will begin its implementation, which will involve changes to FHA regulations and existing agency guidelines.