Most of the new guidelines set forth in the new Condominium Project Approval and Processing Guide became effective June 30, 2011; however, one new guideline which proves to be particularly concerning for associations does not become effective until August 30, 2011. Section 2.4 of the new guidelines requires a Project Certification to beGo to Resource
Category: National Legislation
As part of ongoing discussions with representatives from HUD and CAI, we are looking for stories from Board members and/or managers of condominium associations that have been negatively impacted by FHA guidelines (lost sales, unable to qualify, increased costs due to insurance requirements, etc.). If you have experienced any impact from FHA thatGo to Resource
Most of the new guidelines set forth in the new Condominium Project Approval and Processing Guide became effective June 30, 2011, including provisions regarding leasing provisions within condominium association declarations. Until March 18, 2011, many condominium communities were having applications for FHA approvals and re-certifications denied if their Declaration contained leasing caps, minimumGo to Resource
Most of the new guidelines set forth in the new Condominium Project Approval and Processing Guide became effective June 30, 2011, including new exceptions to the 15% cap on homeowners assessments over 30 days past due. Prior to issuance of the Guide, any community which had more than 15% of the total unitsGo to Resource
Yesterday, the U.S. Department of Housing and Urban Development (“HUD”) issued a Mortgagee Letter and Condominium Project Approval and Processing Guide (“Guide”), which serve to define the requirements for obtaining, recertifying and maintaining condominium project approval. The Mortgagee Letter and Guide are intended to: Consolidate prior published guidelines; Provide a single source ofGo to Resource