H.R. 8304 – Rapid Financing for Critical Condo Repairs Act of 2022

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Updated February 8, 2026 at 4:29 PM UTC

The Rapid Financing for Critical Condo Repairs Act of 2022 lets the Department of Housing and Urban Development (HUD) insure loans that condominium associations take out to fix or replace common‑area systems, infrastructure, and other shared features. By treating these loans as “mortgages,” HUD can provide insurance similar to its existing programs. The change is aimed at helping condo owners and their governing bodies obtain faster, affordable financing for essential repairs.

Key Provisions

Amends the National Housing Act to expand the definition of “mortgage” to include loans used for rehabilitation, alteration, repair, improvement, or replacement of any common facility in a condominium project.
Authorizes HUD to insure these loans at its discretion, subject to terms it sets, when the condominium’s governing body is the borrower.
Sets an insurance eligibility limit: the loan principal may not exceed 90% of the total cost of the proposed repair or replacement project.

Legislative Activity

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1 earlier action

HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

July 7, 2022

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HouseIntro Referral

Introduced in House

July 7, 2022

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

July 7, 2022

Bill Text

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Introduced in HouseIssued July 7, 2022

I

117th CONGRESS

2d Session

H. R. 8304

IN THE HOUSE OF REPRESENTATIVES

July 7, 2022

Mr. Crist (for himself and Ms. Wasserman Schultz) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To authorize the Secretary of Housing and Urban Development to insure loans made to condominium associations to finance repair or replacement of common areas, systems, and features, and for other purposes.

1.

Short title

This Act may be cited as the Rapid Financing for Critical Condo Repairs Act of 2022.

2.

Insurance of mortgages to finance repair and replacement of common facilities of condominium projects

Section 234 of the National Housing Act (12 U.S.C. 1715y) is amended—

(1)

in subsection (a), by inserting and preserving after increasing;

(2)

in the first sentence of subsection (b), by inserting before the period at the end the following: , and except that the term mortgage, for the purposes of subsection (l), includes a loan financing the costs of a rehabilitation, alteration, repair, improvement, or replacement of any common system, infrastructure, facility, feature, portion, or area serving a condominium project and that is secured by future lien-based mandatory unit owner payments required pursuant to State statute, a recorded declaration of covenants, or lawful rule, by-law, or guideline adopted by the governing body of the condominium project, real property, or a combination thereof;

(3)

by adding at the end the following new subsection:

(l)

Insurance of mortgages To finance repairs and replacements of common facilities

(1)

In general

In addition to mortgages insured under the other provisions of this section, the Secretary may insure, in the discretion of the Secretary and under such terms and conditions as the Secretary may prescribe, a mortgage—

(A)

that finances, in the case of condominium projects, the costs of a rehabilitation, alteration, repair, improvement, or replacement of any common system, infrastructure, facility, feature, portion, or area serving the project; and

(B)

under which the mortgagor is the governing body of the condominium project.

(2)

Loan limit

To be eligible for insurance under this subsection, a mortgage may not involve a principal obligation in an amount exceeding 90 percent of the cost of the proposed rehabilitation, alteration, repair, improvement, or replacement project.

; and

(4)

in subsection (h), by inserting or (l) after subsection (d).