The Department of Housing and Urban Development has issued new guidance on its policies for approving and recertifying condominium projects that are eligible for Federal Housing Administration financing.
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HUD also consolidated its condo guidelines into a 95-page booklet for easy reference.
"This guidance formalizes and expands the policies we put in place in 2009 and lays the groundwork for a more formal rulemaking process going forward," FHA acting commissioner Robert Ryan said.
The new guidance gives the FHA Homeownership Centers more flexibility in making exceptions to owner-occupancy requirements and other rules.
