New FHA Owner Occupancy Requirements Could Benefit Some Condo Communities
A few months ago we informed you that both houses of Congress voted unanimously to pass the Housing Opportunity Through Modernization Act (HOTMA) which, in part, required FHA to lower the required percentage of owner occupied units in condominiums from 50% to 35% unless FHA could prove that a higher percentage of owner occupancy was justified. FHA continues to maintain the position that condominium projects where at least 50% of the units are occupied by owners as their primary residence or as a second home are more financially stable and have a history of fewer defaulted loans. In response to the legislation, however, FHA has issued new regulations which will allow consideration of requests by associations to have owner occupancy percentage set at 35% for condominium associations that can prove they are financially strong. Read the article…………….
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