Workforce Housing/ Condo Financing Bill Introduced in U.S. House

Date: Aug. 23rd, 2010
Contact: Sarah Thorsteinson Phone: 970.393.3939

Just before the August recess, Congressman Jared Polis(D-Boulder) introduced federal legislation to ease financing for affordable “workforce” housing in Summit, Eagle and Grand Counties. The bill is intended to serve as a testing of the waters to ease restrictive Fannie and Freddie condo financing rules. Polis believes there is no stomach in Washington to “loosen” financing for “rich second homeowners” at a time when Congress is working to ensure rules are tightened to prevent another mortgage industry collapse. The bill, HR 6079, does include relaxation of restrictions on mixed use developments, owner occupancy requirements, front desk requirements, and several other provisions. The bill comes out of several months of work between Congressman Polis and the Glenwood Springs Association of REALTORS®, the Steamboat Springs Board of REALTORS®, the Summit Association of REALTORS®, along with a coalition of other mountain REALTOR® associations, title companies, and mortgage companies. When Congress returns in September, Polis will amend the bill to include all resort areas nationwide. The bill is far from where REALTORS® would like to see the bill, and don’t expect action on the bill this fall, but it is a step in the right direction.