Senate Resolution by Senator Rodriguez calls for the alignment of condominium lending guidelines across all states, specifically addressing the disproportionate down payment requirements that affect Florida homeowners. Currently, the Federal National Mortgage Association's guidelines impose a maximum loan-to-value (LTV) ratio of 75 percent for attached units in Florida's established condominium projects, requiring a 25 percent down payment. In contrast, similar properties outside Florida can qualify for a 90 percent LTV ratio under the same review criteria. This disparity places significant financial burdens on working families and young buyers in Florida, hindering their ability to achieve homeownership and negatively impacting the state's economy.

The resolution emphasizes that these unequal lending practices not only restrict access to credit but also contribute to diminished condominium sales, reduced property tax revenues, and lost opportunities for wealth creation among Floridians. It asserts that equal access to credit is essential for fair housing and is protected under various federal laws. Therefore, the resolution urges the Federal Housing Finance Agency to direct relevant agencies to eliminate the higher down payment requirements for Florida condominium buyers, promoting fairness in the housing finance system nationwide. Copies of the resolution will be sent to key federal officials and Florida's congressional delegation to advocate for this change.