FHA delays new condo rules

Industry groups worried about unintended consequences

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

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.