FHA Deadline Extended
FHA Condominium Project Approval
FHA Deadline Extended
The Federal Housing Administration (FHA) announced extension of condominium project approvals with an expiration date of December 7, 2010 and urges all condominium communities wishing to retain FHA approval to complete the recertification process.
Provided below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985.
|
Initial Project Approval Dates |
Current Expiration Date |
New Expiration Date |
|
1972 – 1980 |
December 7, 2010 |
December 31, 2010 |
|
1981 – 1985 |
December 7, 2010 |
December 31, 2010 |
|
1986 – 1990 |
December 7, 2010 |
May 31, 2011 |
|
1991 – 1995 |
December 7, 2010 |
July 31, 2011 |
|
1996 – 2000 |
December 7, 2010 |
August 31, 2011 |
|
2001 – 2005 |
December 7, 2010 |
September 30, 2011 |
|
2006 – 2008 (Sept) |
December 7, 2010 |
March 31, 2011 |
The FHA extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions…interested parties are encouraged to begin the re-approval or recertification process as early as possible as it is not anticipated that any further extensions of project approvals will be issued.
In August, FHA announced a streamlined process for condominiums currently on the FHA-approved list to recertify to program requirements. The Community Association Institute (CAI) summarized the streamlined procedures, which are available in the following link [click here]. Under FHA’s condominium project approval guidelines, FHA-approval for all condominiums certified prior to October 1, 2008, was set to expire on December 7, 2010.
The FHA Condominium look-up page and the FHA Connection databases were updated on December 7, 2010 and now reflect the extended expiration dates. The links to the sites are:
Condominium look-up page: https://entp.hud.gov/idapp/html/condlook.cfm
FHA Connection: https://entp.hud.gov/clas/index.cfm
It is FHA estimated that approximately 40% of all new loans will be insured by FHA, as such, FHA is becoming an increasingly important player in the condominium financing arena. Consequently, all condominium associations should strongly consider obtaining full project approval.
Information from Stephen Marcus Attorney
