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Without special ceremony or public comment, President Obama signed HR 3700, the Housing Opportunity Through Modernization Act, into law on Friday.
Introduced last October by Rep. Blaine Luetkemeyer (R-MO), HR 3700 highlighted a relatively rare example of bipartisan cooperation on Capitol Hill: The legislation passed the House of Representatives in a 427-0 vote and later passed the Senate by unanimous consent. The legislation seeks to modify three areas of federal housing policy: The U.S. Department of Housing & Urban Development's (HUD) rental assistance and public housing programs, the Federal Housing Administration's (FHA) requirements for condominium mortgage insurance, and the Department of Agriculture's single-family housing guaranteed loan program.
HR 3700 was supported by industry trade groups, although the National Association of Realtors (NAR) took a highly proactive role in pushing for its passage. NAR President Tom Salomone stated that his organization’s members have “reason to celebrate,” calling the law’s passage “a long-awaited victory for NAR and for homebuyers for whom condos are an important and affordable option.”