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a. Classifications and Ineligible Characteristics (10/15/2019)
i. Classifications
Condominium classifications eligible for Condominium Project Approval include:
• Existing Construction;
• Complete Condominium Project;
• Conversions:
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II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT C. Condominium Project Approval
2. Project Eligibility
o Gut Rehab (completed)
o Non-Gut Rehab
• Two- to Four-Unit Condominium Project;
• Manufactured Housing; and
• Leasehold Interest.
ii. Ineligible Characteristics
FHA will not approve Condominium Projects with the following characteristics:
• cooperative ownership;
• condominium hotel or condotel;
• mandatory rental pooling agreements that require Unit owners to either rent their Units or give a management firm control over the occupancy of the Units;
• timeshare or segmented ownership projects;
• multi-dwelling condominiums (more than one dwelling per Condominium Unit);
• houseboat project;
• continuing care facility;
• Coastal Barrier Resources System location; or
• subject to adverse determination for significant issues as identified by FHA.