WASHINGTON – Congressman Byron Donalds (R-FL) joined the U.S. House Committee on Financial Services for a full committee hearing entitled "Oversight of the Department of Housing and Urban Development and the Federal Housing Administration." This was the committee's annual hearing with Secretary Scott Turner of the Department of Housing and Urban Development (HUD).
Secretary Turner was sworn-in as the nineteenth HUD Secretary on February 5, 2025. This hearing was Secretary Turner’s first appearance before the Committee.
During questioning, Congressman Donalds and Secretary Turner discussed housing affordability, restoring access to the American Dream, and rectifying the 2008 Fannie Mae policy regarding the application of the limited review process for condominiums that has devastated Floridians for nearly two decades.
"For 17 years, this policy has only applied to Florida and has negatively impacted condominium owners throughout my state...[Floridians should] not be disadvantaged just because they chose to make Florida their home."
DONALDS: "Thank you, Chairman. Secretary Turner, it's good to see you. I want to start specifically with an issue in Florida. I've received significant outreach in my state on an issue dealing with a 2008 Fannie Mae policy regarding the application of the limited review process for condominiums. For 17 years, this policy has only applied to Florida and has negatively impacted condominium owners throughout my state. Under B4-2.2-04 of the selling guide, Floridians seeking to purchase a condo are required to put 25% down upfront, and are subject to a 75% loan-to-value, while the rest of the country qualifies for 90%. What actions are required by the FHFA to fix this and make Florida subject to the same lending terms as the rest of America?" TURNER: "Yes, sir. Thank you, Congressman Donalds. It's great to see you again. I will make sure that we work very closely with our partners at FHFA to make sure that Florida residents, as it pertains to your issue, are being treated appropriately and fairly in this issue. And happy to work with you and your staff as we go forward on that." DONALDS: "Absolutely... I think it's important that the state of Florida and their residents have an opportunity to really not be disadvantaged just because they chose to make Florida their home."
