[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7532 Introduced in House (IH)]
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117th CONGRESS
2d Session
H. R. 7532
To expand the section 203(k) rehabilitation and title I property
improvement loan programs of the Department of Housing and Urban
Development to authorize such loans to be made to low-income families
residing in condominium units to cover the costs of special assessments
imposed for repair or replacement of common areas, systems, and
features, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 18, 2022
Mr. Crist (for himself and Ms. Wasserman Schultz) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To expand the section 203(k) rehabilitation and title I property
improvement loan programs of the Department of Housing and Urban
Development to authorize such loans to be made to low-income families
residing in condominium units to cover the costs of special assessments
imposed for repair or replacement of common areas, systems, and
features, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``SAFER in Condos Act of 2022'' or the
``Securing Access to Financing for Exterior Repairs in Condos Act of
2022''.
SEC. 2. SECTION 203(K) REHABILITATION LOANS.
Section 203(k) of the National Housing Act (12 U.S.C. 1709(k)) is
amended--
(1) in paragraph (2)--
(A) in subparagraph (A)--
(i) in clause (ii), by striking ``or'' at
the end;
(ii) in clause (iii), by striking ``and''
at the end and inserting ``or''; and
(iii) by adding at the end the following
new clause:
``(iv) in the case of a dwelling unit in a
condominium and notwithstanding any other law,
regulation, or guideline of the Secretary, including
subpart C of part II of the FHA Single Family Policy
Handbook 4000.1 of the Department of Housing and Urban
Development, the payment of a non-regular assessment
charged by the governing body of the condominium
project to the unit owner to cover costs of a future
rehabilitation, alteration, repair, improvement, or
replacement of any common system, infrastructure,
facility, feature, portion, or area serving the
project; and''; and
(B) in subparagraph (B), by inserting ``or the
funding of reserves for future project-level
improvements or repairs,'' after ``in connection with a
structure,'';
(2) in paragraph (3)(A)--
(A) by inserting ``the greater of (i)'' before
``the sum of the estimated cost of rehabilitation'';
and
(B) by inserting before the semicolon at the end
the following: ``, or (ii) the Secretary's estimate of
the value of the property after rehabilitation; except
that in no case shall the principal obligation exceed
115 percent of the Secretary's estimate of the value of
the property after rehabilitation'';
(3) by redesignating paragraphs (5) and (6) as paragraphs
(6) and (7); and
(4) by inserting after paragraph (4) the following new
paragraph:
``(5) The Secretary shall streamline regulations and guidelines
applicable to verification of rehabilitation and repair plans,
management of rehabilitation work, disbursement of loan proceeds, and
certification of work completion for any rehabilitation loan insured
under this subsection for purposes of payment of a non-regular
assessment described in paragraph (2)(A)(iv) or payment of reserves for
future project-level improvements or repairs described in paragraph
(2)(B) to account for management of such rehabilitation work or
reserves by the governing body of the condominium project.''.
SEC. 3. TITLE I PROPERTY IMPROVEMENT LOANS.
Section 2 of the National Housing Act (12 U.S.C. 1703) is amended--
(1) in the first sentence of subsection (a)--
(A) by inserting ``(iii)'' before ``financing the
preservation of historic structures''; and
(B) by inserting before the period at the end the
following: ``; and for the purpose of (iv) financing,
in the case of a dwelling unit in a condominium and
notwithstanding any other law, regulation, or guideline
of the Secretary, including subpart C of part II of the
FHA Single Family Policy Handbook 4000.1 of the
Department of Housing and Urban Development, the
payment of a non-regular assessment charged by the
governing body of the condominium project to the unit
owner to cover costs of a future rehabilitation,
alteration, repair, improvement, or replacement of any
common system, infrastructure, facility, feature,
portion, or area serving the project''; and
(2) in subsection (b)(1)--
(A) in subparagraph (A)(i)--
(i) by striking ``$25,000'' and inserting
``$55,000''; and
(ii) by inserting before the semicolon the
following: ``or a non-regular assessment
charged by the governing body of the
condominium project to the unit owner to cover
costs of rehabilitation, alteration, repair,
improvement, or replacement of any common
system, infrastructure, facility, feature,
portion, or area serving the project''; and
(B) in the matter after and below subparagraph (G),
by adding at the end the following: ``The Secretary
shall, by regulation, annually increase the dollar
amount limitations in subparagraphs (A)(i), (B), and
(F) (as such limitations may have been previously
adjusted under this sentence) in accordance with the
Consumer Price Index for All Urban Consumers (CPI-
U).''.
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