A bill to protect purchasers and prospective purchasers of condominium housing units, and residents of multifamily structures being converted to condominium units, by providing for the establishment of national minimum standards for condominiums (to be administered by a newly created Assistant Secretary in the Department of Housing and Urban Development), to encourage the States to establish similar standards.
National Condominium Act - Provides for the designation of an Assistant Secretary for Condominiums under the Department of Housing and Urban Development Act to assist in the planning, development, construction, or operation of condominiums or the purchase of condominium units.
Establishes minimum national standards for all condominium units the sale of which is financed with Federal assistance in any form, and encourages the States through a new program of Federal grants to establish such standards to protect both the residents of previously leased units to be converted and the potential purchasers of such units from undue hardships and unexpected economic expenses.
States that any person who willfully violates any of the provisions of this Act shall be fined not less than $15,000 and be imprisoned for not less than two years.
Referred to House Committee on Banking, Finance and Urban Affairs.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
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