Temporary requirements previously issued for condominium projects to be approved by the Federal Housing Administration have been extended.
In November 2015, the Department of Housing and Urban Development
issued Mortgagee Letter 2015-27 that provided temporary new guidelines for project approval.
Among the changes were easier recertification requirements, expanded eligibility for acceptable owner-occupied units and expanded eligible condominium project insurance coverages.
Mortgagee Letter 2016-15 issued by HUD in October 2016 modified Mortgagee Letter 2015-27.
On Wednesday, HUD issued Mortgagee Letter 2017-13.
According to the latest letter, the temporary approval provisions are being extended until HUD publishes and implements the Final Rule of Condominium Project Approval.
“The extension is needed to allow time for completion of the condominium project approval and rulemaking process and its subsequent implementation.,”
HUD stated.
