Transcription of SUBJECT: TEMPORARY CONDOMINIUM AND COOPERATIVE …
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SUBJECT: TEMPORARY CONDOMINIUM AND COOPERATIVE …
TO: Freddie Mac Sellers December 15, 2021 | 2021-38 SUBJECT: TEMPORARY CONDOMINIUM AND COOPERATIVE PROJECT REQUIREMENTS AND TOPIC 5600 REORGANIZATION This Guide Bulletin announces: TEMPORARY CONDOMINIUM and COOPERATIVE Project requirements TEMPORARY project review requirements regarding projects in need of Critical Repairs and projects with special assessments February 28, 2022 Guide Topic 5600 reorganization The reorganization of Topic 5600 concerning property eligibility and appraisal requirements March 31, 2022 TEMPORARY CONDOMINIUM AND COOPERATIVE PROJECT REQUIREMENTS Our project review requirements for CONDOMINIUM and COOPERATIVE Projects are designed to address project related risks that include but are not limited to: The marketability and condition of the project The marketability of the units within the project, and The financial stability and viability of the project In the aftermath of the collapse of the Champlain Towers South in Surfside, Florida, the risks of residential buildings with aging infrastructure and in need of Critical Repairs have been brought to the forefront of discussion throughout the nation.
HOA or Cooperative Corporation to schedule an inspection required by the applicable jurisdiction and any directive from a ... special assessments with more than 10 monthly payments remaining must be included in the calculation of the monthly housing expense-to-income ratio and must be documented in the Mortgage file. See Section 5401.1(a) for
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