FHA Single Family Housing Policy Handbook 4000.1, II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT > C. Condominium Project Approval > 2. Project Eligibility — b. Phasing
HUD effective date: 10/15/2019 · section II.C.2 · Handbook 4000.1
FHA Single Family Housing Policy Handbook 4000.1, Part II — b. Phasing (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 > 2. Project Eligibility — b. Phasing — 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 — b. Phasing (10/15/2019)
b. Phasing (10/15/2019) i. Definition Phasing refers to Condominium Projects that are legally declared in separate stages by amending and recording the governing documents. Legal Phases refer to specific phases of a Condominium Project that allow additions to the Condominium Project and are defined by state authority. ii. Standard Condominium Projects may be approved in stages as Legal Phases are completed; however, all completed Legal Phases must be evaluated. Each Legal Phase must be complete as demonstrated by the Certificate of Occupancy (CO) or its equivalent prior to submission of a Legal Phase. Legal Phases may be submitted for New Construction and Conversion (both Gut and Non-Gut Rehabilitation) Condominium Projects. The submitted Legal Phases must be independently sustainable without future planned Legal Phases, as demonstrated by the budget and financial documentation, such that the submitted Legal Phases of the Condominium Project will not be jeopardized by the failure to complete additional Legal Phases. (A) Vertical Buildings For vertical buildings, legal Phasing is acceptable if: • all Units in the phase are built out; and • at least a temporary CO or its equivalent has been obtained for the Units. (B) Detached and Semi-detached Buildings For a detached or semi-detached development, Phasing is acceptable if: • all Units in the phase are built out; and • at least a temporary CO or its equivalent has been obtained for the Units. (C) Required Documentation Form HUD-9992, FHA Condominium Project Approval Questionnaire, must be submitted along with: • the CO or its equivalent for each Unit in the Legal Phase; or • a temporary CO or its equivalent.
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