CAI Meets with FHA to Discuss Changes to the Condominium Project Approval and Processing Guidelines

November 21, 2011

By Ronald L. Perl, Esq.

November 17, 2011, representatives from CAI, the National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) met with Carol Galante, the Acting Commissioner of the Federal Housing Administration (FHA). CAI is attempting to negotiate changes in the recently-enacted FHA Condominium Project Approval and Processing Guidelines, specifically those requirements dealing with transfer fees such as capital contributions, assessment delinquency criteria, management company fidelity bond requirements and the new certification of compliance now required to approve a condominium project. The summary of this meeting can be found here.

For up-to-date information on the changes to the FHA’s Condominium Project Approval and Processing Guidelines, click the FHA Central tab or follow us on Twitter: @njcondolaw.

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