On June 30th, we announced in a blog posting that the U.S. Department of Housing and Urban Development (“HUD”) had just released the new Condominium Project Approval and Processing Guide (“Guide”). The Guide consolidates the processes and requirements that condominium associations must comply with in order to receive FHA certification. In addition, the Guide also outlines new and revised eligibility requirements for condominium associations.
Community Associations Institute (“CAI”) has published an initial analysis of the revised requirements outlined in the Guide. In the coming days, we will be blogging on the pros and cons of some of the specific changes outlined in the CAI analysis,