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Roger Yu , USA TODAY 6:10 p.m. ET June 6, 2017
President Trump’s agenda to deregulate the financial industry could take a big leap forward this week.
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By Kenneth R. HarneyReal Estate - The Washington Post
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Seeking a major victory on campaign promises, Congressional Republicans are now focused on tax reform after health care reform failed passage. The mortgage interest deduction may be considered for elimination. C.A.R. and N.A.R. both acknowledge the complexity of federal tax law and seek to assure that tax reforms support the goals of homeownership, freedom to buy, maintain, and sell real estate.
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On October 26, 2016, as a result of the FHA condo financing requirements easing accorded under H.R. 3700, The Housing Opportunity through Modernization Act, the FHA announced their latest requirements for FHA financing approval of existing condominium developments, which states that owner occupied units shall remain at the current minimum requirement that 50 percent of the units, with an exception for existing developments to drop to 35 percent owner-occupancy ratio in specific cases where current financial documentation can be provided to FHA. In those cases, FHA stated it will allow that ratio to be reduced to from 50% to 35% owner-occupied ratio for existing condo developments if the following requirements are fulfilled:
...The Federal Housing Administration (FHA) has announced it will extend its temporary condominium project approval policy provisions without changes until Aug. 31, 2017.
The FHA decision ensures easing of condo owner occupancy requirements and a much broader definition of what is classified as "owner occupied" occupancy status as it effects occupancy percentages within a development.