RESOLUTION FOR CHANGING CERTAIN CONDO LENDING REQUIREMENTS

Board of County Commissioners · 2026-06-02 · resolution

This is a legislative resolution, not a development project. It commends the Federal Housing Finance Agency for changing condominium lending requirements in Florida, and Congressman Byron Donalds and the Miami Association of Realtors for their advocacy. It directs the County Mayor or designee to partner with the Miami Association of Realtors to disseminate information about these changes to County employees and the community, and requires a report within 90 days of the effective date. The resolution was adopted on 6/2/2026. The change in lending requirements will go into effect on August 3, 2026. The document states that the previous FHFA rules required Florida condominium buyers to put down twenty-five percent of the value of the home, with loans covering a maximum of seventy-five percent, while most of the country only needed a ten percent down payment. The new change allows down payments ranging from three to five percent. No specific project site, address, parcel, size, or applicant is stated.