FHA has issued an "Ooops." Evidently HUD has heard from lenders, mortgage originators, real estate agents and condo owners regarding the sudden expiration of all condo HOAs approved prior to September 2008. As such FHA is staggering the expiration of condominium project approvals, see chart below.
Per announcement from HUD, "The extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current market conditions." Basically HUD recognized that removing thousands of condo projects from the HUD rolls at the same time could crash condo prices in many communities.
Even though HUD has extended the expiration deadline for all projects, albeit some only three weeks, keep in mind the approval/re-certification process can take several weeks. Any HOA that wishes to recertify their project should not wait until the deadline.
Here is a chart of new expiration dates provided by HUD:
Initial Project
Approval Dates Current Expiration Date New Expiration Date
1972 - 1980 December 7, 2010 December 31, 2010
1981 - 1985 December 7, 2010 December 31, 2010
1986 - 1990 December 7, 2010 May 31, 2011
1991 - 1995 December 7, 2010 July 31, 2011
1996 - 2000 December 7, 2010 August 31, 2011
2001 - 2005 December 7, 2010 September 30, 2011
2006 - 2008 (Sept) December 7, 2010 March 31, 2011
To determine if a condominium project is approved go to the FHA Condominium look-up page:https://entp.hud.gov/idapp/html/condlook.cfm
On the site you can search by Association name, city, zip, etc to see if a project is listed as approved and when the approval was issued to determine with the chart above when it must be recertified.
If you have any questions please do not hesitate to contact me.
Dennis
Dennis C. Smith, California Dept. of Real Estate Broker #00966315 Stratis Financial Corporation, California Dept. of Real Estate Broker #01269597
Dennis C. Smith, California Dept. of Real Estate Broker #00966315
Stratis Financial Corporation, California Dept. of Real Estate Broker #01269597
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