A bill to amend the National Housing Act to authorize FHA insurance of mortgages covering sales of individual condominium units meeting the requirements for such insurance without regard to whether or not such units are part of an FHA-insured project.

Revises the National Housing Act by authorizing Federal Housing Administration insurance of mortgages covering sales of individual condominium units meeting the requirements for such insurance without regard to whether or not such units are part of a Federal Housing Administration insured project. (Amends 12 U.S.C. 1715y (c))