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Project Approval for Single-Family Condominiums

HUD · hud-other · Published 2019-08-15 · Effective 2019-10-15 · 84 FR 41846

Document

Document number
2019-17213
Federal Register citation
84 FR 41846
CFR reference
24 CFR 203
Type
Rule
Action
Final rule.
Category
hud-other
Agency
US Department of Housing and Urban Development
Publication date
2019-08-15
Effective date
2019-10-15
Docket
Docket No. FR-5715-F-02

Abstract

This final rule implements HUD's authority under the single- family mortgage insurance provisions of the National Housing Act to insure one-family units in a multifamily project, including a project in which the dwelling units are attached, or are manufactured housing units, semi-detached, or detached, and an undivided interest in the common areas and facilities which serve the project. The rule provides for requirements for lenders to obtain approval under the Direct Endorsement Lender Review and Approval Process (DELRAP) authority for condominiums, and for standards that projects must meet to be approved for mortgage insurance on individual units. The rule provides for flexibility with respect to the concentration of Federal Housing Administration (FHA)-insured units, owner-occupied units, and the amount that can be set aside for commercial and non-residential space. This will enable HUD to vary these standards, within parameters, to meet market needs. This final rule follows a proposed rule published in the Federal Register on September 28, 2016.

Source

Authoritative
Federal Register document
Machine
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