Fiscal Cliff – What’s At Stack for Real Estate– December 14, 2012

2013 AAR Leadership Conference – December 12, 2012

NAR Director’s Report From Meeting in Orlando – November 12, 2012

Help Extend the Mortgage Forgiveness Tax Relief – Novewmber 5, 2012

Alaska Real Estate Commission Report – October 8, 2012

Obama & Romney on the Issues – October 6, 2012

REALTORS Respond to the Call For Action – Octobe 5, 2012

Helen Jarratt Named 2012 REALTOR of the Year – September 19, 2012

Will Presidential Election Affect Real Estate – August 30, 2012

Credit Union Merge Offered More Services – August 4, 2012

Alaska Real Estate Commission Report – July 17, 2012

Congress Reauthorizes Flood Insurance for 5 Years – July 7, 2012

Supreme Court Upholds Healthcare Bill – June 28, 2012

Five Projections of Where the Housing Market is Headed – June 24, 2012

End of Session Report from Juneau – June 8, 2012

Is Homemownership Still the American Dream – June 4, 2012

Congress Extends Flood Insurance – May 31, 2012

Governor Signs House Bill 267 – May 28, 2012

NAR Board of Directors Meeting Summary – May 22, 2012

Another Successful Legislative Session– April 20, 2012

New Guidelines For Short Sales Response Time – April 18, 2012

National Member Value Plus Program – April 17, 2012

Bill Passes To Clarify Real Estate Law– April 13, 2012

Alaska Real Estate Commission News – March 29, 2012

Americans More Optimistic About Housing, Economy – March 12, 2012

Alaska Joins S25 Billion Mortgage Settlement – February 16, 2012

2012 Federal Policy Priorities – February 10, 2012

What You Need To Know About The Mortgage Settlement – February 9, 2012

Homeownership Matters To The State Of The Union – January 25, 2012

Alaska Real Estate Commission Update – January 24, 2012

Voters Driven By Jobs, Housing in 2012 Election – January 14, 2012

What’s In Store For Housing in 2012 – January 2, 2012


Realtors® Applaud House Passage of “Housing Opportunity Through Modernization Act”

WASHINGTON (February 2, 2016) — The U.S. House of Representatives voted today to advance legislation that will expand opportunities for homeownership. H.R. 3700, the “Housing Opportunity Through Modernization Act,” includes a number of initiatives that have strong support from the National Association of Realtors®, who hailed the vote as important progress for home buyers and sellers.

“This legislation will put homeownership in reach for more families, and we applaud Congress’s work to take us there,” said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “We look forward to seeing it advance through the legislative process and to the President’s desk, so it can be signed into law.”

NAR testified last year in support of H.R. 3700 before the U.S. House Financial Services Subcommittee on Housing and Insurance. In particular, NAR championed the inclusion of reforms to current Federal Housing Administration restrictions on condominium financing.

Condominiums are among the most affordable homeownership options for first-time homebuyers, as well as lower income borrowers, but barriers to safe, affordable mortgage credit for condos still exist. H.R. 3700 takes a number of steps to address those concerns.

These include efforts to make FHA’s recertification process “substantially less burdensome,” improving a process that is often costly and which condo developments must repeat every 24 months. H.R. 3700 also lowers FHA’s current owner-occupancy requirement from 50 percent to 35 percent and requires FHA to replace existing policy on transfer fees with the less-restrictive model already in place at the Federal Housing Finance Agency.

Additionally, the “Housing Opportunity Through Modernization Act” streamlines the process for exemptions to FHA’s rule requiring that condominium projects have no more than 25 percent of the space dedicated to commercial use. This effort is in line with the Department of Housing and Urban Development’s initiative to promote neighborhoods with a mix of residential housing, businesses and access to public transportation.

Finally, H.R. 3700 includes further support for rural housing loans and multifamily housing initiatives.

“There is tremendous demand for affordable housing, and H.R. 3700 offers fresh opportunities for creditworthy borrowers to become homeowners when they choose to,” said Salomone. “NAR thanks Congressman Blaine Luetkemeyer, R-Mo, for introducing the bill, as well as leaders in the House for making it a priority. We look forward to working with our partners at all levels to advance this legislation in support of homeownership.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Contact Information

Alaska Association of REALTORS®
4205 Minnesota Drive
Anchorage, Alaska 99503

Phone (907) 563-7133
FAX (907) 561-1779
Toll-Free (800) 478-3763