FHA Condo Approvals – Phase I Environmental Update
As part of HUD’s most recent bulletin, it provided clarification as to when a new or updated Phase I Environmental Site Assessment is needed for project approval.
In Section 1.7 of the Condominium Project Approval and Processing Guide, it states that a Phase I is needed for all proposed or under construction projects and that the Phase I may not predate the approval submission date by more than 12 months.
It also states that an update may be provided if the Phase I is between 12 months and 180 days.
Because there has been misunderstanding regarding this requirement, clarification has been issued and is posted below. [Picture taken directly from bulletin]
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