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]
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 firstname.lastname@example.org 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
Check out our article in Common Interest magazine on page 19!