FHA proposes new workaround for condominiums

Last week, the U.S. Department of Housing and Urban Development (HUD) agreed to work with the condo industry to resolve an issue requiring thousands of condominium boards to amend governing documents due to a small technicality, or risk being denied Federal Housing Administration (FHA) certification. Over the past two years, the FHA’s restrictive rules for condominium certifications have reduced the number of projects eligible for FHA financing.

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