Tuesday, December 14, 2010

Questions About FHA Condominium Project Approvals?

FHA Condominium Project Approvals Expiration Dates Extended:


FHA announces extension of condominium project approvals with an expiration date of December 7, 2010. 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 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. Lenders and/or other 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.

The 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

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