Real Estate

State Helps Outline Federal Condo Project Approval Process

July 15, 2015, 9:44 AM HST
* Updated July 15, 9:45 AM
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Harbor Lights Condominium Complex in Kahului, file photo by Wendy Osher.

Harbor Lights Condominium Complex in Kahului, file photo by Wendy Osher.

By Maui Now Staff

The state Department of Commerce and Commerce Affairs’ Real Estate Commission is working with the US Department of Housing and Urban Development to provide information about the Federal Housing Administration’s new approval process for condominium projects.

To qualify for an FHA-insured loan for a condominium, the project must be on the FHA-approved online condominium list.

Since the passage of the Housing and Economic Recovery Act of 2008, FHA implemented a new approval process, which impacts condominium associations, developers, purchasers and resellers of condominium units.

An informational meeting on the FHA condominium approval process is scheduled for Wednesday, July 29, from 9 to 10 a.m. at the HUD Honolulu Field Office located at 1132 Bishop St., Ste. 1400.

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Seating is limited. Sign up in advance by calling (808) 457-4662 or send an email.

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“We encourage condominium owners looking to expand their pool of potential buyers and home buyers planning on using FHA-insured financing to buy a condominium to attend this informational meeting.” said Neil Fujitani, supervising executive officer for REC. “We anticipate that developers, attorneys and other industry related professionals will also be interested in attending.”

At the informational meeting, HUD’s Marketing and Outreach specialist will outline the process for the FHA Condominium Project Approval Process.

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