Industry NewsMortgage

FHA delays new condo rules

Industry groups worried about unintended consequences
Published on Nov 5, 2009

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by CareyBot

The Federal Housing Administration is delaying implementation of new rules for condo approvals until Dec. 7 and will reportedly pull back from some changes that critics said would have delayed or derailed many condominium sales.

In a June 12 letter to lenders, the Department of Housing and Urban Development announced FHA would implement a new approval process for condominium projects on Oct. 1.

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