FHA Single Family Housing Policy Handbook 4000.1, II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT > C. Condominium Project Approval > 3. Project Approval Submission — a. Condominium Project Approval
HUD effective date: 10/15/2019 · section II.C.3 · Handbook 4000.1
FHA Single Family Housing Policy Handbook 4000.1, Part II — a. Condominium Project Approval (10/15/2019).
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Verbatim provisions from FHA Single Family Housing Policy Handbook 4000.1, II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT > C. Condominium Project Approval > 3. Project Approval Submission — a. Condominium Project Approval — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
FHA Single Family Housing Policy Handbook 4000.1, Part II — a. Condominium Project Approval (10/15/2019)
a. Condominium Project Approval (10/15/2019) There are three types of review processes: • Full Review; • Recertification Review; and • Phasing Review. i. Definitions Full Review refers to the verification and analysis of all required Condominium Project Approval documentation. Recertification Review refers to the verification and analysis of updated Condominium Project Approval documentation. Phasing Review refers to the review of an additional Legal Phase of a previously Approved Condominium Project. ii. Standard The application must indicate the review type as a Full, Recertification or Phasing Review. (A) Full Review Full Review is required for a Condominium Project that has never been approved by FHA, or that has been previously approved, but the Condominium Project Approval has been expired for more than six months. All required documentation must be submitted as specified in Condominium Project Approval. (B) Recertification Review Recertification Review is performed no earlier than six months prior to the Approved Condominium Project expiration date or no later than six months after the Approved Condominium Project expiration date. If not submitted within the stated time frames, the Condominium Project is not eligible for recertification but must re-apply for Full Review. All required documentation must be submitted as specified in Condominium Project Approval, except the following documents: • recorded CC&Rs, declaration, and/or master deed, and all amendments; • recorded plat map or condominium site plans; • signed and adopted bylaws; and • articles of incorporation, articles of association, Declaration of Trust, or other governing documents, if applicable and as required by state law. If amendments have been made to the foregoing documents, they must be submitted. (C) Phasing All required documentation must be submitted as specified in Phasing.
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