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RESOLUTION COMMENDING THE FEDERAL HOUSING FINANCE AGENCY FOR CHANGING CERTAIN CONDOMINIUM LENDING REQUIREMENTS IN FLORIDA, AND UNITED STATES CONGRESSMAN BYRON DONALDS AND THE MIAMI ASSOCIATION OF REALTORS FOR THEIR ADVOCACY; DIRECTING THE COUNTY MAYOR OR COUNTY MAYOR�S DESIGNEE TO PARTNER WITH THE MIAMI ASSOCIATION OF REALTORS AND TO DISSEMINATE INFORMATION REGARDING THESE CHANGES TO COUNTY EMPLOYEES AND THE COMMUNITY; AND REQUIRING A REPORT

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WHEREAS, the Federal Housing Finance Agency (FHFA) which oversees Fannie Mae and Freddie Mac, implemented rules following the 2008 recession requiring condominium buyers in Florida to put down twenty-five percent of the value of the home, leaving loans to cover a maximum of seventy-five percent of the costs; and
WHEREAS, for most of the country, condominium buyers only need a down payment of ten percent, with loans covering up to ninety percent of the purchase price; and
WHEREAS, even though states other than Florida, such as Arizona, California and Nevada, suffered from high mortgage default rates following the 2008 financial crisis, only Florida condominium buyers have been targeted by the change in the FHFA�s rules; and
WHEREAS, these rules are particularly burdensome to homebuyers in Miami-Dade County (the �County�) because much of the local affordable housing stock consists of condominium units; and
WHEREAS, this Board has long recognized the housing affordability crisis, including a shortage of affordable housing, plaguing the County; and
WHEREAS, FHFA�s policies made it even more difficult for buyers in Florida who did not have the means necessary for a large down payment to purchase their condominium unit; and
WHEREAS, these policies especially impacted low- to moderate-income homebuyers in the County who rely upon condominium units to achieve homeownership; and
WHEREAS, there has been a push by advocates, including the Miami Association of Realtors and government leaders, for the Federal Housing Finance Agency to dismantle these FHFA policies; and
WHEREAS, on March 19, 2026, United States Congressman Byron Donalds (R - Florida) announced that he had worked with the Federal Housing Finance Agency to eliminate these policies; and
WHEREAS, as a result, Florida lenders will be able to return to traditional national lending terms with down payments ranging from three to five percent; and
WHEREAS, this new change will go into effect on August 3, 2026; and
WHEREAS, because the change removes a barrier to condominium financing and provides further opportunities for the residents of Miami-Dade County to attain homeownership, this Board wishes to commend Congressman Donalds and the Miami Association of Realtors for championing this change, and further wishes to ensure that the public is aware of this significant change,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board:
Section 1. Commends the Federal Housing Finance Agency for changing certain condominium lending requirements in Florida, and Congressman Byron Donalds and the Miami Association of Realtors for championing this change.
Section 2. Directs the County Mayor or County Mayor�s designee to partner with the Miami Association of Realtors to provide information regarding the changes made by the Federal Housing Finance Agency to condominium lending requirements in Florida to County employees and the community. This Board directs the County Mayor or County Mayor�s designee to provide this Board with a written report that shall provide the following: (1) steps taken to collaborate with the Miami Association of Realtors, and other potential real estate associations, such as the National Association of Hispanic Real Estate Professionals (NAHREP) South Florida Chapter, and the South Florida Board of Realtist (SFBOR) to disseminate information about the rule change; (2) steps taken within the County to provide the information to County employees; and (3) other opportunities to provide information to the community about the rule change. The County Mayor or County Mayor�s designee shall provide the report within 90 days of the effective date of this resolution and place the completed report on an agenda of the full Board without committee review pursuant to Rule 5.06(j) of the Board�s Rules of Procedure.
Section 3. Directs the Clerk of the Board to transmit a certified copy of this resolution to the Director of the Federal Housing Finance Agency, Congressman Byron Donalds, and the Chair and remaining Members of the Florida Congressional Delegation.