FHA Proposes Condominium Rules Update (CAI)
On September 27, 2016, the Federal Housing Administration (FHA) released a proposed regulatory update to its condominium unit mortgage insurance program. On balance the rule has many positive aspects, including a limited “spot approval” process. The rule further allows individual condominium projects to receive an exemption to approval criteria on a case-by-case basis (excepting activities specifically addressed by statute, e.g., transient housing). The rule does not address association lien priority. Read the article…………….