FHA Single Family Housing Policy Handbook 4000.1, Part II
HUD effective date: 10/15/2019 · section II.C.2 · Handbook 4000.1
FHA Single Family Housing Policy Handbook 4000.1, Part II — e. Two- to Four-Unit Condominium Project (10/15/2019).
Verbatim regulatory text
Verbatim provisions from FHA Single Family Housing Policy Handbook 4000.1, Part II — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
FHA Single Family Housing Policy Handbook 4000.1, Part II — e. Two- to Four-Unit Condominium Project (10/15/2019)
e. Two- to Four-Unit Condominium Project (10/15/2019) i. Definition A Two- to Four-Unit Condominium Project refers to a Condominium Project that comprises of at least two, but no more than four, one-family dwelling Units that are each separately owned with separate legal descriptions. ii. Standard All general FHA Condominium Project Approval requirements are applicable except: • if state law does not require the creation of an annual budget or annual financial statements, a signed and recorded memorandum of understanding may be provided in lieu of the financial documents. The memorandum of understanding must define the individual Unit owner’s responsibilities for maintenance/repair/replacement of common areas including sidewalks, driveways, and common walls (includes side by side or vertical type Units) and must provide for a procedure for splitting any shared maintenance costs; • the project must have an Owner Occupancy Percentage of 75 percent owner- occupied; and • no Units in Arrears. iii. Required Documentation The following documents must be submitted: • documentation of the verification of compliance with the Two-to Four Unit Condominium Project requirements; • annual budget, financial statements or memorandum of understanding if applicable; and • documented evidence that each Unit is separately owned with a separate legal description.
Operationalizing FHA Single Family Housing Policy Handbook 4000.1, Part II
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Source of record: https://claudeforcompliance.com/regs/hud-4000-1-ii-e-two-to-four-unit-condominium-project/
· register hud-4000-1-ii-e-two-to-four-unit-condominium-project · Claude for Compliance. Free to read and download;
see regulatory updates and methodology.