How Homebuyers Will Benefit from H.R. 3700

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The Senate last week unanimously passed H.R. 3700, the “Housing Opportunity Through Modernization Act.” H.R. 3700 streamlines and reforms federal housing programs to cut costs, encourage work, reduce homelessness, improve families’ access to high-opportunity areas, and improve public housing residents’ quality of life.

In short, H.R. 3700 is a win for homebuyers and REALTORS alike.

Tom Salamone, president of the The National Association of REALTORS®, said, “Condominiums often represent an affordable option that’s just right for first-time and low-to-moderate income homebuyers. Unfortunately, overly-burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers.

“This legislation meets those restrictions head on, putting the dream of homeownership back in reach for more Americans.”

According to The Center on Budget and Policy Priorities, H.R. 3700 will:

Save Money for Housing Agencies, Owners, and Taxpayers

The bill cuts program costs by more than $300 million over 5 years, according to the Congressional Budget Office.

Encourage Work

H.R. 3700 improves work incentives by delaying rent increases for families when their earnings rise.

Reduce Homelessness

By using project-based vouchers and partnering with social service agencies to provide supportive services, H.R. 3700 gives housing agencies more flexibility to help the homeless — as well as veterans, seniors, and people with disabilities

Help Families Move to Areas of Opportunity

H.R. 3700 enables housing agencies to use project-based vouchers where it’s difficult to use tenant-based vouchers. This improves low-income families’ access to areas with low poverty and crime and high-performing schools.

Improve Quality of Life for Public Housing Residents

The bill gives housing agencies greater flexibility to use public housing funds for needed renovations.

So what’s next for H.R. 3700? It’s heading to President Obama’s desk for his signature.

Don’t forget to continue to show your support for #HR3700!

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For more information, read REALTOR® Magazine’s Realtors® Applaud House Passage of “Housing Opportunity Through Modernization Act”, or check out NAR’s NAR-backed Condo Legislation Passes U.S. Senate, Offers Relief for Homebuyers.

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