U.S. Rep. María Elvira Salazar (R-FL) recently proposed a bipartisan bill that would authorize insurance for certain mortgages to finance repairs and improvements to condominium projects.
“This bipartisan bill gives condominium associations and homeowners the tools they need to finance critical safety repairs, protect residents, and preserve safe, affordable housing across South Florida,” the congresswoman said on July 2.
The Making Condos Safer and Affordable Act of 2026, H.R. 9569, which Rep. Salazar cosponsored on June 30 alongside bill sponsor U.S. Rep. Debbie Wasserman Schultz (D-FL), aims to help condominium owners afford critical structural and safety repairs by expanding access to two loan programs guaranteed by the U.S. Department of Housing and Urban Development.
In turn, this would allow condo owners to finance special assessments required by their homeowners’ or condominium associations for structural integrity and life-safety repairs, while also supporting compliance with updated building safety requirements, according to a bill summary provided by Rep. Salazar’s staff.
Specifically, H.R. 9569 would authorize the Federal Housing Administration (FHA) to insure condominium association rehabilitation loans under Section 234 of the National Housing Act, and expand the FHA 203(k) loan program to allow condo owners to use these loans to help cover special assessments for critical structural and safety repairs.
The measure also would bolster the Title I Property Improvement Loan program by expanding federal loan insurance for private lenders financing special assessments for individual condominium owners and condominium associations, the summary says.
Additionally, the bill would increase the maximum insured loan amount to $55,000, with future adjustments for inflation, and simplify the loan application process to make it easier for condominium owners and associations to access financing for necessary repairs, among other provisions.
The legislation, which is endorsed by the Community Associations Institute, is under consideration by the U.S. House Financial Services Committee.