a coalition of trade unions – the Community Home Lenders of America (CHLA), the Community Union Institute (CAI) and National Association of Realtors (NAR) – has submitted a letter to federal housing finance agency (FHFA) that requests transparency in the development of final lending requirement guidelines for condominiums and housing cooperatives.
Thank you for reading this post, don't forget to subscribe!In the letter addressed to FHFA director Sandra Thompson, the union calls for “reasonable” construction inspection requirements for older infrastructure. groups also respond to how fannie mae And Freddie Mac Temporary requirements for condos and cooperative projects may be improved.
In addition, the groups request “transparency in the process of developing final guidelines for condo and housing cooperative loan requirements.”
“Any changes to the Enterprise Condo Project or loan approval requirements must be subject to a public comment period of at least 60 days prior to adoption,” the letter states. “Fannie Mae should be required to make public its list of condo projects ineligible for purchase loans, along with guidance on the actions needed to make them eligible.”
The letter said the groups are “very concerned” that government-sponsored enterprise (GSE) condo and cooperative lending requirements are restrictive for housing seekers and prevent current owners from “building wealth and maintaining their property values.” create difficulties for.
“At a time when awareness has grown and increased[d] Emphasizing building maintenance, restricting access to lending will reduce property values and disincentivize homeowners to invest in maintenance, especially in urban opportunity zones across America,” the letter said. stated in.
This could lead to a “potential housing crisis,” the groups say, adding that transparency in the rule-making process is needed to keep the focus on at-risk buildings.
“We stand ready to work with GSE and FHFA to develop and implement policy to keep Americans safe in their homes,” the letter said.
letter has also been sent to US Senate Banking Committee and us house Financial Services Committee and their staff members.
