State Helps to Outline New Federal Approval Process for Condominium Projects
HONOLULU – July 15, 2015 – (RealEstateRama) — The state Department of Commerce and Commerce Affairs’ (DCCA) Real Estate Commission (REC) is working with the U.S. Department of Housing and Urban Development (HUD) to provide information about the Federal Housing Administration’s (FHA) new approval process for condominium projects.
To qualify for an FHA-insured loan for a condominium, the project must be on the FHA-approved condominium list, which located online at: HUD.GOV.
Since the passage of the Housing and Economic Recovery Act of 2008 (HERA), FHA has implemented a new approval process for condominium projects. The new approval process impacts condominium associations, developers, purchasers and resellers of condominium units.
An informational meeting on the FHA condominium approval process is scheduled for Wednesday, July 29, from 9 to 10 a.m. at the HUD Honolulu Field Office located at 1132 Bishop Street, Suite 1400.
Seating is limited. Interested parties may sign up in advance by calling (808) 457-4662 or email: ramona.mullahey (at) hud (dot) gov.
“We encourage condominium owners looking to expand their pool of potential buyers and home buyers planning on using FHA-insured financing to buy a condominium to attend this informational meeting.” said Neil Fujitani, supervising executive officer, REC. “We anticipate that developers, attorneys, and other industry related professionals will also be interested in attending.”
At the informational meeting, HUD’s Marketing and Outreach Specialist will outline the process for the FHA Condominium Project Approval Process.
