Housing Opportunity Through Modernization Act Passes House
HR 3700, The Housing Opportunity Through Modernization Act passed its first major test, clearing the House of Representatives, 427-6, on February 2, 2016. The Senate will now consider the Bill and has referred it to the Banking, Finance and Urban Affairs Committee.
I have previously written about this legislation (see post Congress Gives Attention to Antiquated FHA Policies). The legislation, proposed by Representative Blaine Luetkemeyer (R, MO), will modernize FHA policies and will more families buy homes. The legislation is supported by the National Association of Realtors.