“We have a huge affordability problem in Florida – we are being hit on all fronts,” Diaz said. “The house prices are currently through the roof, the insurance is hard to get, the interest rates are high, although they start to fall a bit and the real estate tax are also very high.
“To work on this affordability problem, we believe that this one directive is changing – because it is not even an account, it would be a directive change of Fannie Mae And Freddie Mac – would do a lot for affordability. Especially for people who live in apartments and want to sell their property now, but the apartment is not yet qualified for a complete assessment. They got stuck a bit because someone has to put down 25% to buy their apartment. “
The GSEs have imposed stricter deposit guidelines On Florida condos after the financial crisis of 2008. Financing an apartment requires the qualification of the building, via a full assessment or a limited assessment, and in most of the country, buyers can deposit after a full assessment of 10% lower than 10% under a limited assessment. But in Florida, buyers of an apartment under a limited assessment must fall 25%.
Although the guidelines may have been justified after 2008, Diaz said, they don’t feel like it after the Laws for Condo Reform after the collapse of the South Tower of the Champlain In 2021. In the aftermath of that tragedy, which killed 98 people and emphasized Condo safety problems after decades of postponed maintenance, the law of Florida now requires that condos has milestone inspections and maintains financing reserves for repairs.
Condo -owners bear the burden of these extra costs that the hundreds of thousands of dollars. While these laws were discussed, Famp worked with state laws to give more time of homeowners (HAAs) to meet these requirements and to mitigate the blow to Condo owners, many of them elderly people.
These precious new regulations improve the safety of the condo – and must reduce the risk of Fannie Mae and Freddie Mac on Condo loans. With those new guardrails, the requirement of 25% down payment must be changed to match other states, Diaz said.
“We don’t want to be treated differently than the rest of the country. We are geo-oriented with this one directive change that only affects Florida,” Diaz said. “Yes, we have hurricanes, but other places have tornadoes, burning or earthquakes.”
Famp has joined forces with Florida Realtors And Miami Realtors Associations for lobbying FHFA and found a listening ear in t. Byron Donalds, a Republican from Bonita Springs who has written about the FHFA director Bill Pulte. Diaz noted that the Trump administration has given the housing builders of Florida a new hope for progress.
“The climate in DC is a bit different today, and we have an FHFA director who is actually making that many daring movements, including recognizing another credit score model and adding crypto to home purchases. So we think the environment is there for this kind of change, and remember -everything we really want to be treated,” Diaz said.
Another priority for FAMP is to ensure that First Responders, health workers and teachers can afford to buy houses in Florida, Diaz said. Famp worked to get a downpayment assistance program with the name Holtow Helden accepted again for the second year.
“It used to be $ 100 million, now it is $ 50 million and that is really fast,” Diaz said. “So we argue for reducing 100 and may even go to $ 200 million to help First Responders and teachers buy a down payment when buying a house.”
Diaz said that improving affordability supports all the advocacy of Famp. “We insist on problems that the housing market in Florida will improve and give consumers better options.”
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