SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘SAFER in Condos Act 
of 2022’’ or the ‘‘Securing Access to Financing for Exte-
rior Repairs in Condos Act of 2022’’. 
SEC. 2. SECTION 203(k) REHABILITATION LOANS. 
Section 203(k) of the National Housing Act (12 
U.S.C. 1709(k)) is amended— 
(1) in paragraph (2)— 
(A) in subparagraph (A)— 
(i) in clause (ii), by striking ‘‘or’’ at 
the end; 
(ii) in clause (iii), by striking ‘‘and’’ 
at the end and inserting ‘‘or’’; and 
(iii) by adding at the end the fol-
lowing new clause: 
‘‘(iv) in the case of a dwelling unit in a 
condominium and notwithstanding any other 
law, regulation, or guideline of the Secretary, 
including subpart C of part II of the FHA Sin-
gle Family Policy Handbook 4000.1 of the De-
partment of Housing and Urban Development, 
the payment of a non-regular assessment 
charged by the governing body of the condo-
minium project to the unit owner to cover costs 
of a future rehabilitation, alteration, repair, im-
provement, or replacement of any common sys-
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tem, infrastructure, facility, feature, portion, or 
area serving the project; and’’; and 
(B) in subparagraph (B), by inserting ‘‘or 
the funding of reserves for future project-level 
improvements or repairs,’’ after ‘‘in connection 
with a structure,’’; 
(2) in paragraph (3)(A)— 
(A) by inserting ‘‘the greater of (i)’’ before 
‘‘the sum of the estimated cost of rehabilita-
tion’’; and 
(B) by inserting before the semicolon at 
the end the following: ‘‘, or (ii) the Secretary’s 
estimate of the value of the property after reha-
bilitation; except that in no case shall the prin-
cipal obligation exceed 115 percent of the Sec-
retary’s estimate of the value of the property 
after rehabilitation’’; 
(3) by redesignating paragraphs (5) and (6) as 
paragraphs (6) and (7); and 
(4) by inserting after paragraph (4) the fol-
lowing new paragraph: 
‘‘(5) The Secretary shall streamline regulations and 
guidelines applicable to verification of rehabilitation and 
repair plans, management of rehabilitation work, disburse-
ment of loan proceeds, and certification of work comple-
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tion for any rehabilitation loan insured under this sub-
section for purposes of payment of a non-regular assess-
ment described in paragraph (2)(A)(iv) or payment of re-
serves for future project-level improvements or repairs de-
scribed in paragraph (2)(B) to account for management 
of such rehabilitation work or reserves by the governing 
body of the condominium project.’’. 
SEC. 3. TITLE I PROPERTY IMPROVEMENT LOANS. 
Section 2 of the National Housing Act (12 U.S.C. 
1703) is amended— 
(1) in the first sentence of subsection (a)— 
(A) by inserting ‘‘(iii)’’ before ‘‘financing 
the preservation of historic structures’’; and 
(B) by inserting before the period at the 
end the following: ‘‘; and for the purpose of (iv) 
financing, in the case of a dwelling unit in a 
condominium and notwithstanding any other 
law, regulation, or guideline of the Secretary, 
including subpart C of part II of the FHA Sin-
gle Family Policy Handbook 4000.1 of the De-
partment of Housing and Urban Development, 
the payment of a non-regular assessment 
charged by the governing body of the condo-
minium project to the unit owner to cover costs 
of a future rehabilitation, alteration, repair, im-
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provement, or replacement of any common sys-
tem, infrastructure, facility, feature, portion, or 
area serving the project’’; and 
(2) in subsection (b)(1)— 
(A) in subparagraph (A)(i)— 
(i) by striking ‘‘$25,000’’ and insert-
ing ‘‘$55,000’’; and 
(ii) by inserting before the semicolon 
the following: ‘‘or a non-regular assess-
ment charged by the governing body of the 
condominium project to the unit owner to 
cover costs of rehabilitation, alteration, re-
pair, improvement, or replacement of any 
common system, infrastructure, facility, 
feature, portion, or area serving the 
project’’; and 
(B) in the matter after and below subpara-
graph (G), by adding at the end the following: 
‘‘The Secretary shall, by regulation, annually 
increase the dollar amount limitations in sub-
paragraphs (A)(i), (B), and (F) (as such limita-
tions may have been previously adjusted under 
this sentence) in accordance with the Consumer 
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Price Index for All Urban Consumers (CPI- 
U).’’. 
Æ 
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