HR 3700 Signed Into Law

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.”