Polis Offers Middle Class Housing Solutions for Families of Summit and Eagle Counties

Frisco – May 31, 2013 – (RealEstateRama) — Congressman Jared Polis (D-CO) today announced the introduction of legislation that would help expand the stock of affordable housing and support businesses that thrive off tourism as well as their workers. The Affordable Housing Regulation Simplification Act would ease regulations that prevent families from financing affordable homes in high-tourism areas. The Lake Hill Affordable Housing and Forest Service Support Act would convey a 40-acre parcel of the U.S. Forest Service Lake Hill site to Summit County for the construction of affordable housing.

“Unfortunately, if you work in Summit or Eagle County-it is becoming increasingly difficult to live in a town near where you work,” said Rep. Polis. “As our mountain communities continue to grow, ensuring affordable access to housing becomes even more important. That’s why I am introducing the Lake Hill Administrative Site Affordable Housing Act and the Affordable Housing Regulation Simplification Act. By expanding access to affordable housing, these bills will support Colorado families, strengthen our recovering housing market, and provide a burst of energy to our local economies.”

“Congressman Polis’ bill is a great start to beginning an important dialogue on the difficulties of obtaining financing for condominiums in resort areas due to overly restrictive financing regulations by the FHA, Fannie Mae & Freddie Mac,” said Sarah Thorsteinson, Government Affairs Director for the Summit Association of Realtors. “These restrictions are making condo purchases practically unattainable for potential buyers, and consequently making it challenging for condo owners to sell their properties.  This bill will begin easing those regulations by removing many of the more difficult obstacles to condo financing for locals and first time homebuyers in resort areas.”

The Affordable Housing Regulation Simplification Act would:

•   Create a new category of “affordable workforce housing mortgage” that applies only to middle class buyers in tourism-related jobs

•   Ease the overly burdensome financing restrictions imposed by Fannie, Freddie and the Federal Housing Administration (FHA) that make lending unworkable for affordable housing units

•   Require the Federal Housing Administration (FHA) to reinstate “spot approvals” of mortgages for individual condominium units

•   Require the Department of Commerce to create a definition of a “high-tourism area”

The Lake Hill Affordable Housing and Forest Service Support Act would:

•        Develop lands that have lost their National Forest character for the greater public interest

•        Provide affordable workforce housing in Summit County, Colorado

•        Help to potentially fund a sustainable and energy-efficient administrative compound for the Dillon Ranger District to be built on the Lake Hill site

•        Contribute to community growth and economic prosperity

Additional information and fact sheets on these and Polis’ other introduced bills are available at: http://polis.house.gov/legislation/.