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, and for other purposes.
National Condominium Act of 1985 - Provides for the designation of an Assistant Secretary for Condominiums within the Department of Housing and Urban Development to assist in the planning, development, construction, and operation of condominiums or the purchase of condominium units.
Prohibits the Secretary of Housing and Urban Development from making any housing loan to a developer of a condominium project unless the developer discloses information assuring compliance with specified standards governing the sale and conversion of condominiums. Allows any purchaser of a federally-assisted condominium at least 30 days after signing a purchase agreement to cancel such agreement.
Directs the Secretary to assist State and local governments to establish standards to protect purchasers of condominiums and residents of structures being converted to condominiums. Authorizes the Secretary to make grants to such governments for the establishment of offices to enforce such standards.
Authorizes appropriations. Establishes penalties for violations of this Act.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Housing and Community Development.
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