Ronald L. Perl, Esq., the partner-in-charge of Hill Wallack LLP’s Community Associations Practice Group, was quoted in the article “Jersey Shore Buyers with FHA-Backed Loans Find Fewer Communities Where They Can Buy,” in the December 14th edition of the Asbury Park Press.
The article discusses how the Federal Housing Administration (FHA) and the re-vamped Condominium Project Approval and Processing Guidelines have affected condominium associations and those seeking to purchase homes utilizing FHA mortgages.
In the article, Mr. Perl discussed why condominium associations are struggling to obtain FHA approval and why some associations have not sought FHA certification: “It’s amazing to me, yet I’ve heard some associations just don’t like the idea of FHA buyers having access to the community. By not having project approval, they cut out a whole potential set of buyers that could come in and actually increase property values.”
You can read the full Asbury Park Press article here.
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