Today, after news that the Federal Housing Finance Agency will modify its proposal to allow purchasers of co-ops and condos that feature a flip tax to continue to have access to federal loans from Fannie and Freddie Mac and the Federal Housing Administration (FHA), Rep. Anthony D. Weiner (D -- Brooklyn and Brooklyn) released the following statement:
"This was a case of a clearly unintended consequence that the agency wisely avoided. Flip taxes are important and fair for co-ops in New York City. A ban would have been disastrous. I'm pleased with the final rule."
This past October, Weiner wrote to acting Director of the FHFA, Edward DeMarco, asking for a modification to the pending FHFA guidance to ensure that New York City homebuyers would be still be able to access important programs maintained by Fannie, Freddie, and the FHA.