HUD - It's Time to Wake Up and Smell the Coffee!
Following the lead of our own Congressman Perlmutter, 69 members of the United States Congress just sent a letter to the Secretary of the United States Department of Housing and Urban Development ("HUD"), asking Secretary Donovan to take action to revise some unreasonable requirements condominium associations must comply with to become FHA certified. This important letter focused upon the need to revise requirements relating to: (1) delinquent assessments; (2) the project certification; (3) owner-occupancy; and (4) commercial space.
HUD continues to promise members of Congress and the larger housing industry (including Community Associations Institute) that we can soon expect changes to the FHA certification requirements. Since these promises have seemingly been going on for months and condominium sales continue to be tepid at best, I have one thing to say: Come on HUD - it's time to wake up and smell the coffee!