Construction
New Owner-Occupancy Rules for Condominium Developments
Effectively immediately, The Federal Housing Administration (FHA) has implemented new owner-occupancy rules regarding existing condominium developments. The owner-occupancy requirement for most projects has been lowered from 50% to 35%. The lower percentage only applies, however, if certain requirements are met: applications must be submitted under the HUD Review and Approval Process option, owners need to…
November 4, 2016