Breaking News from HUD
The U.S. Department of Housing and Urban Development (“HUD”) has just released a new Mortgagee Letter launching the new Condominium Project Approval and Processing Guide (“Guide”) which addresses FHA approval of condominium associations. The Guide is intended to consolidate all of pertinent information and to reconcile some of the differing opinions provided by HUD. In addition, HUD has published a matrix which briefly describes the policy requirements specified in the Guide with associated implementation dates.
While we haven’t had an opportunity yet to review the Guide in detail, keep an eye out here next week for further information and updates.