Condo Financing Rules- help!
If you own a condo, or would like to own a condo in Summit County, CO, you might find the following interesting!
Condo Financing Issue Finally Making Waves In Washington
For years, the Colorado resort areas have clambered to the National Association of Realtors (NAR) that condo financing rules were killing the local markets, and that the FHA, Fannie Mae and Freddie Mac rules needed to be addressed. It was clear for the first time this year in Washington recently that the condo financing issue is beginning to stick. Congressman Polis talked about his bill to address workforce housing condo rules, NAR had talking points on FHA condo rules that need to be addressed from a regulatory perspective and there is a letter being circulated by Members of Congress telling the FHA to take action. As of this morning, NAR reached out to the resort areas and offered to request a waiver or exemption for resort areas. The Glenwood, Steamboat, Summit and Vail Boards will be working with NAR to draft and request the waiver for resort areas. Due to the Washington political climate, it is possible that no changes will be made this year, but it is inevitable that the issue will be addressed in GSE and housing reform next year.
Let's hope that the Washington politicians can see that the fact that many lenders right now can not lend on condos with any short term rentals in them (which is just about EVERY complex in Summit County!) is really hurting our local market!