,i #aaith ,,congress #b;d ,session ,h4 ,r4 #iefi ,,in ,,the ,,house ,,of ,,representatives ,june #cj1 #bjbf,ms4 ,wasserman ,schultz 7for herself and ,ms4 ,salazar7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to amend the ,national ,housing ,act to authorize insurance of certain mortgages to finance repairs and improvements to condominium projects1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,making ,condos ,safer and ,affordable ,act of #bjbf4 #b4 ,insurance of mortgages for condominium associations to finance repair and replacement of common facilities of condominium projects ,section #bcd of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agaey7 is amended-- 7#a7 in subsection 7a71 by inserting and preserving after increasing2 7#b7 in the first sentence of subsection 7b71 by inserting before the period at the end the following3 1 and except that the term mortgage1 for the purposes of subsection 7l71 includes a loan financing the costs of a rehabilitation1 alteration1 repair1 improvement1 or replacement of any common system1 infrastructure1 facility1 feature1 portion1 or area serving a condominium project and that is secured by future lien-based mandatory unit owner payments required pursuant to ,state statute1 a recorded declaration of covenants1 or lawful rule1 by-law1 or guideline adopted by the governing body of the condominium project1 real property1 or a combination thereof2 7#c7 by adding at the end the following new subsection3 7l7 ,insurance of mortgages ,to finance repairs and replacements of common facilities 7#a7 ,in general ,in addition to mortgages insured under the other provisions of this section1 the ,secretary may insure1 in the discretion of the ,secretary and under such terms and conditions as the ,secretary may prescribe1 a mortgage-- 7,a7 that finances1 in the case of condominium projects1 the costs of a rehabilitation1 alteration1 repair1 improvement1 or replacement of any common system1 infrastructure1 facility1 feature1 portion1 or area serving the project2 and 7,b7 under which the mortgagor is the governing body of the condominium project4 7#b7 ,loan limit ,to be eligible for insurance under this subsection1 a mortgage may not involve a principal obligation in an amount exceeding #ij percent of the cost of the proposed rehabilitation1 alteration1 repair1 improvement1 or replacement project4 2 and 7#d7 in subsection 7h71 by inserting or 7l7 after subsection 7d74 #c4 ,insurance of mortgages for owners of condominium units to finance special assessments 7a7 ,section #bjc7k7 rehabilitation loans ,section #bjc7k7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agji7k77 is amended-- 7#a7 in paragraph 7#b7-- 7,a7 in subparagraph 7,a7-- 7i7 in clause 7ii71 by striking or at the end2 7ii7 in clause 7iii71 by striking and at the end and inserting or2 and 7iii7 by adding at the end the following new clause3 7iv7 in the case of a dwelling unit in a condominium and notwithstanding any other law1 regulation1 or guideline of the ,secretary1 including subpart ,c of part ,,ii of the ,,fha ,single ,family ,policy ,handbook #djjj4a of the ,department of ,housing and ,urban ,development1 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 rehabilitation1 alteration1 repair1 improvement1 or replacement of any common system1 infrastructure1 facility1 feature1 portion1 or area serving the project2 and 2 and 7,b7 in subparagraph 7,b71 by inserting or the funding of reserves for future project-level improvements or repairs1 after in connection with a structure12 7#b7 in paragraph 7#c77;,a7-- 7,a7 by inserting the greater of 7i7 before the sum of the estimated cost of rehabilitation2 and 7,b7 by inserting before the semicolon at the end the following3 1 or 7ii7 the ,secretary's estimate of the value of the property after rehabilitation2 except that in no case shall the principal obligation exceed #aae percent of the ,secretary's estimate of the value of the property after rehabilitation2 7#c7 by redesignating paragraphs 7#e7 and 7#f7 as paragraphs 7#f7 and 7#g72 and 7#d7 by inserting after paragraph 7#d7 the following new paragraph3 7#e7 ,the ,secretary shall streamline regulations and guidelines applicable to verification of rehabilitation and repair plans1 management of rehabilitation work1 disbursement of loan proceeds1 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 7#b77;,a77iv7 or payment of reserves for future project-level improvements or repairs described in paragraph 7#b77;,b7 to account for management of such rehabilitation work or reserves by the governing body of the condominium project4 4 7b7 ,title ,i property improvement loans ,section #b of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agjc7 is amended-- 7#a7 in the first sentence of subsection 7a7-- 7,a7 by inserting 7iii7 before financing the preservation of historic structures2 and 7,b7 by inserting before the period at the end the following3 2 and for the purpose of 7iv7 financing1 in the case of a dwelling unit in a condominium and notwithstanding any other law1 regulation1 or guideline of the ,secretary1 including subpart ,c of part ,,ii of the ,,fha ,single ,family ,policy ,handbook #djjj4a of the ,department of ,housing and ,urban ,development1 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 rehabilitation1 alteration1 repair1 improvement1 or replacement of any common system1 infrastructure1 facility1 feature1 portion1 or area serving the project2 and 7#b7 in subsection 7b77#a7-- 7,a7 in subparagraph 7,a77i7-- 7i7 by striking #be1jjj and inserting #ee1jjj2 and 7ii7 by inserting before the semicolon the following3 or a non-regular assessment charged by the governing body of the condominium project to the unit owner to cover costs of rehabilitation1 alteration1 repair1 improvement1 or replacement of any common system1 infrastructure1 facility1 feature1 portion1 or area serving the project2 and 7,b7 in the matter after and below subparagraph 7,g71 by adding at the end the following3 ,the ,secretary shall1 by regulation1 annually increase the dollar amount limitations in subparagraphs 7,a77i71 7,b71 and 7,f7 7as such limitations may have been previously adjusted under this sentence7 in accordance with the ,consumer ,price ,index for ,all ,urban ,consumers 7,,cpi-,u744