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, and to encourage the States to establish similar standards.
National Condominium Act - Establishes requirements for federally assisted condominium housing loans, including a statement by the developer to the Secretary of Housing and Urban Development containing information concerning the nature of the project, and the owner's estimated operating costs and assurances of warranty, completion date, developer's responsibility for structural defects, and of owners' rights to form an association.
Requires that recreation fees be stated separately from any other fees charged purchasers of dwelling units in the project.
Establishes requirements to protect tenants in a leased-unit structure to be converted to condominium use, including assurances that tenants have received prior notice, a period of at least three months to decide whether or not to purchase their units and for those tenants renting under a lease, specific protection from eviction and abridgment of the lease.
Requires developers to disclose to new purchasers operating costs, service benefits, and planned structure alterations. Requires a 15-day cancellation period.
Requires the Secretary to publish a form for developers embodying provisions for all of the information required in such statement.
Authorizes the Secretary to make grants to State and local governments to help establish or expand offices or agencies to administer similar requirements and procedures.
Sets forth penalties for the violation of this Act.
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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