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a. Condominium Project Approval (10/15/2019)
There are three types of review processes:
• Full Review;
• Recertification Review; and
• Phasing Review.
i. Definitions
Full Review refers to the verification and analysis of all required Condominium Project Approval documentation.
Recertification Review refers to the verification and analysis of updated Condominium Project Approval documentation.
Phasing Review refers to the review of an additional Legal Phase of a previously Approved Condominium Project.
ii. Standard
The application must indicate the review type as a Full, Recertification or Phasing Review.
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II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT C. Condominium Project Approval
3. Project Approval Submission
(A) Full Review
Full Review is required for a Condominium Project that has never been approved by FHA, or that has been previously approved, but the Condominium Project Approval has been expired for more than six months.
All required documentation must be submitted as specified in Condominium Project Approval.
(B) Recertification Review
Recertification Review is performed no earlier than six months prior to the Approved Condominium Project expiration date or no later than six months after the Approved Condominium Project expiration date.
If not submitted within the stated time frames, the Condominium Project is not eligible for recertification but must re-apply for Full Review.
All required documentation must be submitted as specified in Condominium Project Approval, except the following documents:
• recorded CC&Rs, declaration, and/or master deed, and all amendments;
• recorded plat map or condominium site plans;
• signed and adopted bylaws; and
• articles of incorporation, articles of association, Declaration of Trust, or other governing documents, if applicable and as required by state law.
If amendments have been made to the foregoing documents, they must be submitted.
(C) Phasing
All required documentation must be submitted as specified in Phasing.