Rapid Financing for Critical Condo Repairs Act of 2022
Bill: H.R.8304 | Sponsor: Rep. Crist, Charlie (D-FL)
Policy area: Housing and Community Development

Summary:
Rapid Financing for Critical Condo Repairs Act of 2022
This bill authorizes the Federal Housing Administration to insure certain loans made to condominium associations for rehabilitating, altering, repairing, improving, or replacing common systems, infrastructure, facilities, features, portions, or areas.

To authorize the Secretary of Housing and Urban Development to insure 
loans made to condominium associations to finance 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 ``Rapid Financing for Critical Condo 
Repairs Act of 2022''.

SEC. 2. INSURANCE OF MORTGAGES TO FINANCE REPAIR AND REPLACEMENT OF 
              COMMON FACILITIES OF CONDOMINIUM PROJECTS.

    Section 234 of the National Housing Act (12 U.S.C. 1715y) is 
amended--
            (1) in subsection (a), by inserting ``and preserving'' 
        after ``increasing'';
            (2) in the first sentence of subsection (b), by inserting 
        before the period at the end the following: ``, and except that 
        the term `mortgage', for the purposes of subsection (l), 
        includes a loan financing the costs of a rehabilitation, 
        alteration, repair, improvement, or replacement of any common 
        system, infrastructure, facility, feature, portion, or area 
        serving a condominium project and that is secured by future 
        lien-based mandatory unit owner payments required pursuant to 
        State statute, a recorded declaration of covenants, or lawful 
        rule, by-law, or guideline adopted by the governing body of the 
        condominium project, real property, or a combination thereof'';
            (3) by adding at the end the following new subsection:
    ``(l) Insurance of Mortgages To Finance Repairs and Replacements of 
Common Facilities.--
            ``(1) In general.--In addition to mortgages insured under 
        the other provisions of this section, the Secretary may insure, 
        in the discretion of the Secretary and under such terms and 
        conditions as the Secretary may prescribe, a mortgage--
                    ``(A) that finances, in the case of condominium 
                projects, the costs of a rehabilitation, alteration, 
                repair, improvement, or replacement of any common 
                system, infrastructure, facility, feature, portion, or 
                area serving the project; and
                    ``(B) under which the mortgagor is the governing 
                body of the condominium project.
            ``(2) Loan limit.--To be eligible for insurance under this 
        subsection, a mortgage may not involve a principal obligation 
        in an amount exceeding 90 percent of the cost of the proposed 
        rehabilitation, alteration, repair, improvement, or replacement 
        project.''; and
            (4) in subsection (h), by inserting ``or (l)'' after 
        ``subsection (d)''.
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