http://yochicago.com/fha-delays-new-condo-rules-may-avoid-bottlenecks/12556/ New homes, apartments and condos for sale and rent in Chicago Mon, 22 Mar 2010 06:09:12 +0000 http://wordpress.org/?v=2.9.1 hourly 1 http://yochicago.com/fha-delays-new-condo-rules-may-avoid-bottlenecks/12556/comment-page-1/#comment-46864 Kerry Wed, 11 Nov 2009 16:54:36 +0000 http://yochicago.com/?p=12556#comment-46864 Question: The new letter that was put out by HUD on 11/6/09 states that "projects that received approval prior to October 1, 2008, will require recertification on or before December 7, 2010." Do these projects that were approved prior to 10/1/08 have a grace period of exactly one year from when the new guidelines become effective? In other words, are we to assume that these projects will be acceptable by FHA until 12/7/10? It doesn't make sense considering that the intitial requirements for approval of these projects were different from the new requirements. Question:
The new letter that was put out by HUD on 11/6/09 states that “projects that received approval prior to October 1, 2008, will require recertification on or before December 7, 2010.” Do these projects that were approved prior to 10/1/08 have a grace period of exactly one year from when the new guidelines become effective? In other words, are we to assume that these projects will be acceptable by FHA until 12/7/10? It doesn’t make sense considering that the intitial requirements for approval of these projects were different from the new requirements.

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