Daily we are kept informed on all the latest and greatest changes in our industries. This is one of the emails that i just received from our corporate guys letting us know about an extension for all those condo projects getting ready to expire. Its a short extension but, HEY, we'll take what we can get! Here is what they said:
HUD just announced that they are extending project approval expiration dates for thousands of condominium projects that were thought to have expired yesterday. The following chart highlights the new expiration dates for projects, dependent upon the initial project approval dates you would find when searching for project status at https://entp.hud.gov/idapp/html/condo1.cfm.
Initial Project Approval Dates Current Expiration Date New Expiration Date
1972 - 1980 December 7, 2010 December 31, 2010
1981 - 1985 December 7, 2010 December 31, 2010
1986 - 1990 December 7, 2010 May 31, 2011
1991 - 1995 December 7, 2010 July 31, 2011
1996 - 2000 December 7, 2010 August 31, 2011
2001 - 2005 December 7, 2010 September 30, 2011
2006 - 2008 December 7, 2010 March 31, 2011
In addition, HUD is offering an industry call TOMORROW- December 9th at 3:15 (EST) to offer discussion on condominium project approval extensions.
If interested in listening in:
- Conference Line: (800) 683-4564
- Access Code: 623108
- Confirmation Number: 184260
I will provide additional information as needed as soon as it becomes available. Condos that have been FHA/HUD approved are close to expiring so keep that in mind when you go out and either try and sell or market one to your clients.
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