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Rapid Financing for Condo Repairs: New Loan Options for Common Areas.

This act aims to help condominium associations secure loans for urgent repairs and renovations of common areas, such as roofs or utility systems. This will allow condo residents to finance necessary work more quickly and easily, improving the safety and value of their properties. These loans will be government-insured, increasing their accessibility.
Key points
Condominium associations can apply for government-insured loans for repairs to common areas.
Loans will cover up to 90% of repair costs, reducing the financial burden on unit owners.
New regulations are designed to speed up financing for urgent repairs, enhancing resident safety and comfort.
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Expired
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Additional Information
Print number: 117_HR_8304
Sponsor: Rep. Crist, Charlie [D-FL-13]
Process start date: 2022-07-07
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Rapid Financing for Critical Condo Repairs Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8304.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-07-07.

What are the main provisions?

Key points include:

  • Condominium associations can apply for government-insured loans for repairs to common areas.
  • Loans will cover up to 90% of repair costs, reducing the financial burden on unit owners.
  • New regulations are designed to speed up financing for urgent repairs, enhancing resident safety and comfort.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Crist, Charlie [D-FL-13].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Real Estate Public Investments