21
Aug
FHA Announces New Condo Approval Rule
From NAHB Now
The Federal Housing Administration (FHA) this week published a final regulation that establishes a new condominium approval process.
The new rule reinstates FHA’s ability to insure a limited number of units in projects that have not received FHA approval and will also extend the recertification requirement for approved condominium projects from two to three years.
However, in a provision strongly opposed by NAHB, FHA will no longer approve projects that are proposed or under construction.
Click Here for the rest of the article from NAHB, including links to FHA’s new condominium approval regulation and changes to its Single Family Handbook.