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Chapter 16
Common Interest Communities, Condominiums and Planned Unit
Developments
Overview
What is a Common Interest Community
A common interest community is a subdivision containing common land, often including recreational amenities. That common property is typically owned by an association of the homeowners (HOA), to which they all must belong and pay lien-supported assessments for a proportionate share of the expenses of the HOA.
Condominiums and planned unit developments (PUDs) are common interest communities.
Basic VA Requirements
There are VA requirements applicable to all properties located in either a PUD or condominium. Also, condominiums (but not PUDs) must be approved by VA before any lots or units in the project are eligible for VA loan guaranty.
References: See Section 16-A
· Requirements Applicable to All Properties in Common Interest Communities, and
· Condominium Approval Procedures.
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VA Approved Condominium List
A nationwide list of VA-approved condominiums, the Condominiums, Planned Unit Developments and Builders list, can be
reached via The Appraisal System (TAS).
The internet address is http://condopudbuilder.vba.va.gov.
Overview, Continued
In This Chapter
This chapter contains the following sections.
Topic See Page
Section A: Requirements for Properties in Common Interest
16-A-1
Communities
Section B: Use of Attorney’s Opinion 16-B-1
July 14, 2003 16-2
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Section A
Common Interest Communities
Requirements for Properties in
Common Interest
Communities
Overview
VA’s goal is to help protect the interests of veterans and the Government by ensuring that all
Basic VA Policy
properties located in a common interest community meet VA regulatory requirements. Meeting this goal as efficiently and cost effectively as possible serves the best interests of all program participants involved.
In This Section
This section contains the following topics.
Topic See Page
16-A.01 Requirements Applicable to All Properties in Common Interest Communities
16-A-2
16-A.02 Condominium Approval Procedures 16-A-5
16-A.03 Table of Required Documents 16-A-9