The Federal Housing Administration (FHA) just extended the deadlines for condominium projects seeking to renew their FHA condo certifications. New guidelines established by the FHA in 2009 require that condominiums be re-certified and approved every two years. According to the FHA, all condominiums that received approval before October 1, 2008, were supposed to have been re-certified by December 7, 2010. However, the deadline for approval has now been extended. In the FHA’s letter it wrote that the “extensions were granted to reduce the impact of processing and reviewing the number of project approvals expiring at the same time while recognizing current housing market conditions.”
The new, applicable deadline is dependent upon the date that the common interest community was originally approved for funding. The deadlines are as follows:
- Condominiums approved between 1972 and 1980 must be re-certified by Dec. 31.
- Condominiums approved between 1981 and 1985 must be re-certified by Dec. 31.
- Condominiums approved between 1986 and 1990 must be re-certified by May 31, 2011.
- Condominiums approved between 1991 and 1995 must be re-certified by July 31, 2011.
- Condominiums approved between 1996 and 2000 must be re-certified by Aug. 31, 2011.
- Condominiums approved between 2001 and 2005 must be re-certified by Sept. 30, 2011.
- Condominiums approved between 2006 and September of 2008 must be re-certified by March 31, 2011.