FHA Condo Approval Specialist: May 2014

New Phase 1 Standards for FHA Condo Approvals Effective Today

New Phase 1 Standards for FHA Condo Approvals Effective Today

fha condo approvalsOn April 16, 2014, HUD announced using the new standards for Phase 1 Environmental Site Assessments (“Phase 1”) in the National Register.  The effective date of the use of this Standard is today.  This affects FHA condo approvals for new and under construction projects from this point forward.

Previously, HUD utilized the ASTM E 1527-05 Standard Practice for Environmental Assessments: Phase 1 Environmental Site Assessment Process.  Because a new Standard was released, HUD announced that it would be adopting the new standard, ASTM E 1527-13, as of May 16, 2014.

HUD’s environmental regulations require that all properties for use in HUD programs be free of contamination and hazardous materials.  Therefore, a Phase 1 must be acquired to verify that no contamination exists.

This affects condominium projects because all New and Under Construction condominium approval packages must contain a Phase 1.  Existing (>12 months), Conversions and Gut- and Non-Gut Rehabs are not required to provide a Phase 1. 

Because the requirement to submit a Phase 1 for Construction project approvals under the new Standard is effecitve today, any Phase 1 ESA conducted on or after this date must utilize the new Standard (ASTM E 1527-13).

However, if the Phase 1 was conducted on or prior to 5/15/14, the previous Standard (ASTM E 1527-05) may be submitted.

The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA.  We have assisted nearly 200 condominiums and we can help your association.

 

ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.

 

Please contact us with any questions regarding FHA or VA condominium project approvals.  You can email me at askeric@readysetloan.com or call me at 404-433-4565. I will be happy to answer any of your questions.

 


FHA/VA Condo Approval Specialist

404-433-4565 Cell Phone

860-644-3772 Fax Phone

eric.boucher@readysetloan.com
ready set loan condo team

 

 CAI-CT logo

 Check out our article in Common Interest magazine on page 19!

Find Eric Boucher with ReadySetLoan Condo Team on Google+

Comment balloon 6 commentsReadySetLoan Condo Approval Team • May 16 2014 10:23AM
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