Securing Access to Financing for Exterior Repairs in Condos Act of 2022
Bill: H.R.7532 | Sponsor: Rep. Crist, Charlie (D-FL)
Policy area: Housing and Community Development

Summary:
SAFER in Condos Act of 2022 or the Securing Access to Financing for Exterior Repairs in Condos Act of 2022
This bill allows an owner of a condominium (condo) unit to finance, through loans backed by the Federal Housing Administration, special assessments charged by the condo's governing body for rehabilitation, repair, replacement, or other improvement of common systems, infrastructure, facilities, features, portions, or areas.

To expand the section 203(k) rehabilitation and title I property 
   improvement loan programs of the Department of Housing and Urban 
 Development to authorize such loans to be made to low-income families 
residing in condominium units to cover the costs of special assessments 
    imposed for repair or replacement of common areas, systems, and 
                   features, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``SAFER in Condos Act of 2022'' or the 
``Securing Access to Financing for Exterior 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 following 
                        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 Single Family Policy 
                Handbook 4000.1 of the Department of Housing and Urban 
                Development, the payment of a non-regular assessment 
                charged by the governing body of the condominium 
                project to the unit owner to cover costs of a future 
                rehabilitation, alteration, repair, improvement, or 
                replacement of any common system, 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 rehabilitation''; 
                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 rehabilitation; except 
                that in no case shall the principal obligation exceed 
                115 percent of the Secretary'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 following new 
        paragraph:
    ``(5) The Secretary shall streamline regulations and guidelines 
applicable to verification of rehabilitation and repair plans, 
management of rehabilitation work, disbursement of loan proceeds, and 
certification of work completion for any rehabilitation loan insured 
under this subsection for purposes of payment of a non-regular 
assessment described in paragraph (2)(A)(iv) or payment of reserves for 
future project-level improvements or repairs described 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 Single Family Policy Handbook 4000.1 of the 
                Department of Housing and Urban Development, the 
                payment of a non-regular assessment charged by the 
                governing body of the condominium project to the unit 
                owner to cover costs of a future rehabilitation, 
                alteration, repair, improvement, or replacement of any 
                common system, 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 inserting 
                        ``$55,000''; and
                            (ii) by inserting before the semicolon the 
                        following: ``or a non-regular assessment 
                        charged by the governing body of the 
                        condominium project to the unit owner to cover 
                        costs of rehabilitation, alteration, repair, 
                        improvement, or replacement of any common 
                        system, infrastructure, facility, feature, 
                        portion, or area serving the project''; and
                    (B) in the matter after and below subparagraph (G), 
                by adding at the end the following: ``The Secretary 
                shall, by regulation, annually increase the dollar 
                amount limitations in subparagraphs (A)(i), (B), and 
                (F) (as such limitations may have been previously 
                adjusted under this sentence) in accordance with the 
                Consumer Price Index for All Urban Consumers (CPI-
                U).''.
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