Condo Media - July 2016 - 32

IN DEFENSE
of the SUPERLIEN
at least somewhat, but the American Radio Relay League, representing ham operators, "has been completely unwilling
to bend," according to Bauman, who says
she is not optimistic at this point either
about winning significant changes in the
bill or about preventing its passage.
The HOME Act. CAI is more optimistic
about the eventual prospects for this
measure (the Helping Our Middle
Income Earners Act), which would allow condominium owners with annual
incomes of $115,000 or less to claim a
federal tax deduction of up to $5,000 for
their association fees and assessments.
The bill isn't likely to be enacted this year,
Bauman says, but it is likely to be included
in a comprehensive tax reform measure
that could be introduced as soon as next
year. The HOME bill "is flying the flag"
on the condominium deduction, she says,
noting that this is the first time the idea
has been introduced. "Members are very

excited about it," Bauman reports, adding,
"We haven't seen this kind of member
response to an issue in years."
FHA Certification for Condominiums. This measure, directing the FHA
to revise key requirements for certifying
condominiums as eligible for FHA financing, won unanimous approval in the
House but is still awaiting a Senate vote.
While it is not likely to move as a separate bill, it could be added to another
measure, Bauman says. "We're keeping
an eye on it." Among other provisions,
the House version of the bill would:
■ Require the Department of HUD to

streamline the re-certification process
for condominiums to make it less
extensive and less burdensome than
the initial certification process;

occupied by owners as a primary or
secondary residence, unless HUD acts
within 90 days after the legislation
is enacted to set a different limit on
investor ownership;
■ Direct HUD to consider granting ex-

ceptions to the 25 percent cap on the
amount of commercial space allowed
in condo communities; and

■ Direct HUD to adopt the Federal

Housing Finance Agency (FHFA)
policy on transfer fees, allowing the
FHA, like Fannie Mae and Freddie
Mac, to approve loans on units in condominiums that impose those fees.

■ NENA GROSKIND IS PRESIDENT
OF ECONTENTPLUS, PROVIDING
EDITORIAL CONTENT FOR

■ Reduce from 50 percent to 35 percent

the proportion of units that must be

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Condo Media - July 2016

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