FHA Condominium Project Approval – Status

Thank you Andrew Fortin, CAI (quoted in full):

Today, FHA announced a revised schedule for condominium project approval expirations and urged all condominium communities wishing to retain FHA approval to complete the recertification process. CAI strongly encourages all condominium communities with FHA approval to be mindful of the new expiration deadlines and to begin the recertification process in a timely fashion to avoid disruption in the sale of units.

The new schedule for project approval expirations is below:

Initial Project Approval Dates Current Expiration Date New Expiration Date

1972 – 1980 December 7, 2010 December 31, 2010
1981 – 1985 December 7, 2010 December 31, 2010
1986 – 1990 December 7, 2010 May 31, 2011
1991 – 1995 December 7, 2010 July 31, 2011
1996 – 2000 December 7, 2010 August 31, 2011
2001 – 2005 December 7, 2010 September 30, 2011
2006 – 2008 (Sept) December 7, 2010 March 31, 2011

According to FHA’s announcement, “The extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions…interested parties are encouraged to begin the re-approval or recertification process as early as possible as it is not anticipated that any further extensions of project approvals will be issued.”

In August, FHA announced a streamlined process for condominiums currently on the FHA-approved list to recertify to program requirements. To view CAI’s summary of the streamlined recertification procedures, click here. Under FHA’s condominium project approval guidelines, FHA-approval for all condominiums certified prior to October 1, 2008, was set to expire on December 7, 2010.

On Thursday, December 9, 2010, FHA will host a conference call for all interested parties to explain the new recertification deadlines and answer questions from industry partners. To participate in the conference call, use the information below:

Date:   Thursday, December 9, 2010 from

Time:   3:15 pm – 4:30 pm (EST).

Participants Teleconference Dial-In Number: (800) 683-4564

Participants Access Code: 623108

Confirmation Number: 184260

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