On June 30, 2011, the Federal Housing Administration (FHA) issued its long-awaited Condominium Project Approval and Processing Guidelines for condominiums seeking approval for FHA mortgages. These guidelines are intended to provide a single source of information as well as to consolidate, update and clarify the FHA’s previous policies and procedures for condominium project approval. However, several new requirements, including a mandatory certification of compliance, are bound to create further confusion and have elicited serious concerns.
You can read Hill Wallack LLP‘s full client alert and the FHA’s guidelines here.
For more information on this issue or any other issue concerning your community association, please contact one of our Community Associations attorneys.