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Volume 7 - Number 25

December 5, 2014

Waiver of Condo Approval Requirements Extended

The FHA has extended a temporary waiver of insurance requirements to allow certain condominium projects or developments that otherwise would not qualify for mortgage insurance to remain eligible. Temporarily waiving provisions pertaining to master/blanket hazard, flood, liability and other insurance requirements will help ensure the availability of affordable housing units, including condos, to people who cannot afford to purchase a home or could not qualify for a mortgage loan, the agency said. The temporary waiver was issued on Nov. 27, 2013, and now has been extended to Aug. 31, 2016. It allows individual-unit owners to obtain and maintain their own insurance coverage on their condo unit. The waiver also requires condo projects to maintain a master/blanket insurance policy for hazard, flood and liability risks and any other insurance that may be ...

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