HUD-9992 FHA Condo Project Approval Questionnaire

OMB Approval No. 2502-0610

FHA Condominium
Project Approval
Questionnaire

U.S. Department of Housing
and Urban Development
Office of Housing

Public Reporting Burden for this collection of information is estimated to average 1 hour per response, including the time for reviewing instructions,
searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This
information collection is required to obtain or retain benefits. Send comments regarding this burden estimate or any other aspect of this collection of
information, including suggestions for reducing this burden, to the Reports Management Officer, Office of the Chief Information Officer, U.S. Department
of Housing and Urban Development, 451 7th Street, SW, Washington, DC 20410-3600 and to the Office of Management and Budget, Paperwork Reduction
Project (OMB Number: 2502-0610) Washington, DC 20503. Do not send this completed form to either of the above addresses.

General: Review the instructions for guidance on completing the questionnaire. Sections 1, 4, and 5 must be completed
by the Mortgagee and, if applicable, the submitter. Sections 2 and 3 must be completed by the Condominium
Association/management company and returned to the Mortgagee/submitter.
Condominium Project: ___________________________________________________
Review Type:
☐ Full Review
☐ Recertification Review
☐ Phasing Review
Approval Process:
☐ DELRAP
☐ HRAP

Section 1: Mortgagee/Submitter Information
1.a. Mortgagee Information
Mortgagee Name:

FHAC Lender ID Number:

Street Address:
City:

State:

Zip Code:

Contact Name:

Email Address:

1.b.Organizational Type of Submitter
☐
☐
☐
☐

Condominium Association
Project Consultant
Management Company
Attorney (agent)

☐
☐
☐
☐

Phone Number:
Fax Number:

Builder
Developer
Mortgagee
Other Eligible Submission Source

1.c. Submitter
Organization Name:

Tax ID Number:

FHA Lender ID:

Street Address:
City:

State:

Submitter Contact Name:

Zip Code:

Phone Number:

Email Address:

Fax Number:

Section 2: Condominium Project Information
2.a. Condominium Project
Legal Name of Project:

FHA Condo Approval ID Number:

Street Address:
City:

FHA Condominium Project Approval Questionnaire

State:

Zip Code:

Page 1 of 13
Form HUD-9992(01/21)

OMB Approval No. 2502-0610

2.b. Condominium Association
Condominium Association Name:

Association Tax ID Number:

Street Address:
City:

State:

Association Contact Name:

Email Address:

2.c. Management Company
Management Company Name:

Zip Code:

Phone Number:
Fax Number:

Management Company Tax ID Number:

Street Address:
City:

State:

Management Contact Name / Title:

Email Address:

Zip Code:

Phone Number:
Fax Number:

Section 3: Project Eligibility
3.a.

1.
2.
3.
4.
5.
6.
7.
8.
9.
3.b.
1.
2.
3.

3.c.
1.
2.
3.
4.

Does the Condominium Project, Condominium Unit(s) (Unit) or Common Elements have any of
the following features?
Cooperative ownership
Condominium hotel or “condotel”
Mandatory rental pooling agreements that require Unit owners to either rent their Units or give
a management firm control over the occupancy of the Units
Timeshare or segmented ownership projects
Houseboat project
Continuing care facility
Multi-dwelling condominiums (more than one dwelling per Unit)
Coastal Barrier Resources System (CBRS) location
Adverse determination by FHA for significant issues

Yes

No

☐
☐
☐

☐
☐
☐

☐
☐
☐
☐
☐
☐

☐
☐
☐
☐
☐
☐

Transfer of Control
Yes
No
Has Control of the Condominium Association been transferred from the developer/builder
☐
☐
to the Unit owners?
Date of transfer
If 3.b.1 is “Yes,” do existing contracts entered into by the builder/developer prior to the Transfer of Control
contain a 90 Days or less notice requirement for termination?
☐ No contracts exist
☐ Contracts with a 90 Day or less notice requirement exist
☐ Contracts without a 90 Day or less notice requirement exist
Legal Phasing
Is the project 100% complete, including all construction or renovation of Units for all
Condominium Project Legal Phases? If “No,” answer questions 3.c.2 – 3.c.9.
Have all the Units in the completed Legal Phase(s) been built out and issued at least a Certificate
of Occupancy (CO) or its equivalent?
Legal Phases and Units: Planned and Completed
Total planned Legal Phases for the Condominium Project
Completed Legal Phases as evidenced by built out Units and a CO or its equivalent

FHA Condominium Project Approval Questionnaire

Yes

No

☐

☐

☐

☐

Number

Page 2 of 13
Form HUD-9992 (01/21)

5.
6.
7.
8.
9.

Legal Phases and Units: Planned and Completed
Number of completed Legal Phases with FHA approval
Number of completed Legal Phases submitted for FHA approval
Total planned Units for Condominium Project
Completed Units as evidenced by a CO or its equivalent
Units in Legal Phase(s) submitted for FHA Condominium Project Approval

OMB Approval No. 2502-0610

Number

3.d. Occupancy Requirements by Construction Type
Owner-occupied Units includes any Unit:
i. occupied by the owner for any portion of the calendar year and that is not rented for a majority of the year;
ii. listed for sale, and not listed for rent, that was previously occupied by the owner as described in (i) above; or
iii. sold to an owner who intends to occupy the Unit as described in (i) above.
A Unit owned by the builder/developer is not an owner-occupied Unit.
A non-owner occupied Unit refers to a unit that does not meet the definitions above.
1. Existing Construction Occupancy
Existing Construction (greater than 12 months old)

Units in Project

Total Number of Units in the Condominium Project
a. Owner-occupied Units as defined above
b. Non-owner occupied Units as defined above
2. New Construction
New Complete Project (less than 12 months old); or
Legal Phase
Total Number of Units in the Condominium Project
i. Multi-phased Condominium Project: Include the total number of Units in the first declared
Legal Phase and cumulatively on subsequent Legal Phases.
ii. Single-phased Condominium Project: Include all Units.
a. Owner-occupied Units as defined above
b. Non-owner occupied Units as defined above
3.b. Individual Owner Concentration
Total number of Units owned by a single owner or Related Party (Related Party includes any
individual or Entity related to the Unit owner)
If any single owner or Related Party own more than the number of Units allowed under FHA’s Individual Owner
Concentration limit, please complete the information in the table below.
Number
Developer/ of Units
Individual / Entity Name
Sponsor
Owned

☐
☐
Attach list for additional individual owners as required.
3.f.
1.

Financial Stability and Controls
Does the Condominium Association have a reserve account for capital expenditures and deferred
maintenance?

FHA Condominium Project Approval Questionnaire

Yes

☐

No

☐

Page 3 of 13
Form HUD-9992 (01/21)

3.f.
2.
3.
4.
5.
6.
7.
8.

9.
10.

OMB Approval No. 2502-0610

Financial Stability and Controls
Is the reserve account funded as required by FHA?
Does the Condominium’s Association budget show that the budget provides for periodic funding
to maintain the reserve account balance as required by FHA?
Is there a reserve study? If “Yes,” date performed ___________________
Does the Condominium Association maintain separate accounts for operating and reserve funds?
If a management company is used, does the Condominium Association’s management company
maintain separate records and bank accounts for the Condominium Association?
Does the Condominium Association restrict the management company from drawing checks on,
or transferring funds from, the reserve account of the Condominium Association without approval
from the Condominium Association?
Has the project experienced a Financial Distress Event within the last 36 months:
• sought protection under bankruptcy laws;
• been placed into receivership (mandated or voluntary);
• been subject to foreclosure or any seizure of assets by creditors; or
• offered a Deed in Lieu (DIL) of Foreclosure?
If “Yes” to question 3.f.8., is there a dated legal document evidencing resolution and a letter of
explanation describing the cause of the event and measures taken by the Condominium
Association to prevent a future event?
How many Units are 60 Days or more past due on their Condominium Association fee payments?
(Excluding late fees or other administrative expenses)

Yes

No

☐
☐

☐
☐

☐
☐
☐

☐
☐
☐

☐

☐

☐

☐

☐

☐

3.g.
1.

Insurance Requirements
The Condominium Project must have Hazard Insurance, Liability Insurance, Fidelity Insurance, and Flood
Insurance. See the “Required Documentation” section.

3.h.
1.
2.
3.

Commercial/Non-Residential Space
Total Square Footage
Total Square Footage of Commercial/Non-Residential Space
Total Square Footage of Residential Space

3.i.
1.

Live/Work
Does the Condominium Project have any Units with non-residential space inside the Unit
(Live/Work Units)?

Yes

☐

☐

3.j.
1.

Litigation
Is the Condominium Project or Condominium Association subject to pending Litigation? If “Yes,”
provide a signed and dated explanation.
Is the Condominium Project or Condominium Association subject to any other litigation risk?

Yes

No

☐

☐

☐

☐

2.

3.k.
3.b. Transfer of Control

Square Footage

No

Required Documentation
☐ recorded Covenants, Conditions, and Restrictions (CC&R), declaration, and/or master
deed, and all amendments;
☐ signed and adopted bylaws;
☐ articles of incorporation, articles of association, declaration of trust, or other governing
documents, if applicable in accordance with state law; and
☐ any existing contracts entered into by the developer prior to the Transfer of Control and
assigned to the Condominium Association.

FHA Condominium Project Approval Questionnaire

Page 4 of 13
Form HUD-9992 (01/21)

OMB Approval No. 2502-0610

3.k.
3.c. Legal Phasing

Required Documentation
☐ the CO or its equivalent for each Unit in the Legal Phase or a temporary CO or its
equivalent.

3.f. Financial Stability and
Controls

☐ current year’s budget approved by the Condominium Association board;
☐ year-to-date income and expense statement dated within 90 Days if the prior year-todate actuals are more than 90 Days old;
☐ the income and expense statement for the previous year’s actual year end results;
☐ current balance sheet dated within 90 Days prior to the date of submission;
☐ if applicable, documentation supporting any loans or special assessments, including
information regarding the purpose, term, payment status, total amount of the assessment,
amount of the assessment per Unit and overall impact on marketability and value of the
Property;
☐ if applicable, a dated legal document evidencing Resolution of Financial Distress Event
and a letter of explanation describing the cause of the event and measures taken by the
Condominium Association to prevent a future Financial Distress Event; and
☐ if evidence of financial arrangements that guarantee the future completion of all
facilities and Common Elements, as applicable.
☐ budget and financials;
☐ recorded condominium site plans;
☐recorded CC&Rs; and
☐ if applicable, exception documentation.
☐ recorded CC&Rs.
☐ lease agreement.

3.h. Commercial/NonResidential Space

3.i. Live/Work
3.k. Leasehold Interest

I certify that I have completed Sections 2 and 3 of the questionnaire using information and resources that, to the best of
my knowledge and belief, are correct and reliable, and that I have submitted the required documentation. WARNING:
HUD will prosecute false claims and statements. Conviction may result in criminal and/or civil penalties (18 U.S.C. 1001,
1010, 1012; 31 U.S.C. 3729, 3802).
_________________________________________________
Name (printed)

__________________________________________
Title

________________________________________________
Signature

__________________________________________
Date

FHA Condominium Project Approval Questionnaire

Page 5 of 13
Form HUD-9992 (01/21)

Section 4: Eligibility Worksheet for Condominium Project Approval
4.a.
1.

OMB Approval No. 2502-0610

Legal Phasing
Yes
If the answer to 3.c.1 is “No” and the Condominium Project is subject to Legal Phasing, answer the
following questions.
Have all the Units in the completed Legal Phase(s) been built out and issued at least a temporary
☐
CO or its equivalent?
☐
Have all completed Legal Phases been approved by FHA?
If not, are all the completed Legal Phases included in the Condominium Project Approval package? ☐
Are the completed Legal Phases independently sustainable without future planned Legal Phases,
☐
as demonstrated by the budget and financial documentation, such that the submitted Legal
Phases of the Condominium Project will not be jeopardized by the failure to complete additional
Legal Phases?
Does the project contain arrangements that guarantee the future completion of all facilities and
☐
Common Elements?
Does the Condominium Project demonstrate positive cash flow from the revenue and
☐
expenditures of the completed phases and Common Elements?

No

4.b.
1.

FHA Insurance Concentration
Does the FHA Insurance Concentration for the Condominium Project meet FHA’s maximum
insurance concentration standard?

No

4.c.
1.

Occupancy Requirements
What is the Owner Occupancy Percentage?
Existing Construction Projects
Does the Owner Occupancy Percentage meet FHA’s minimum requirement? If “No,” answer
question 4.c.3.
Percent of Units that are 60 Days or more past due on their Condominium Association fee
payments (Units in Arrears) (Excluding late fees or other administrative expenses) The
Condominium Project may be eligible for an Owner Occupancy Percentage exception under HUD
Review and Approval Process.
New Construction: Complete Condominium Projects
Does the Owner Occupancy Percentage meet FHA’s minimum requirement for the declared Units
in the Condominium Project?

2.
3.
4.
5.

6.
7.

2.
3.

4.
4.d.
1.
2.
3.
4.
5.
6.

Financial Stability and Controls
Does the Condominium Project have an operating income that demonstrates a stable income
stream over the past two years, with decreases that do not exceed FHA’s percentage.
Does the budget demonstrate the ability to cover the cost of insurance coverage and deductibles?
Is there a reserve account for capital expenditures and deferred maintenance that is funded with
at least the minimum percentage of the aggregate monthly Unit assessments required by FHA?
Is there evidence that the budget provides for the periodic funding to maintain a reserve account
balance of at least the minimum required by FHA guidelines?
If the answer to 4.d.3 or 4.d.4 is “No,” answer question 4.d.5. and question 4.d.6.
Is the lower reserve account balance deemed sufficient based upon an acceptable reserve study?
Reserve Study Date: __________________________
Is the lower funding rate for the reserve account deemed sufficient based upon an acceptable
reserve study?

FHA Condominium Project Approval Questionnaire

Yes

☐
☐
☐
☐

☐
☐

☐

☐

Yes

%
No

☐

☐

☐

☐

Yes

No

☐

☐

☐
☐

☐
☐

☐

☐

☐

☐

☐

☐

Page 6 of 13
Form HUD-9992 (01/21)

4.d.
7.

OMB Approval No. 2502-0610

Financial Stability and Controls
Is there evidence that the total number of Units that are 60 Days or more past due on their
Condominium Association fee payments does not exceed the FHA percent limit? (Excluding late
fees or other administrative expenses)
Are the financial records consistent with the application package, including special assessments,
loans, or other financial variations?
If there has been a Financial Distress Event for the Condominium Project or builder/developer,
has the cause been resolved and is it unlikely to recur?
☐ Condominium Project. If “Yes,” provide resolution date: ___________________________
☐ Builder/developer. If “Yes,” provide resolution date: ______________________________

Yes

4.e.
1.

Individual Owner Concentration
Does the Individual Owner Concentration exceed the FHA limit? Individual Owner Concentration
includes single owner or Related Party.

Yes

4.f.
1.

Commercial/Non-Residential Space
Does the Condominium Project’s Commercial/Non-Residential Space exceed the maximum
percent allowed by FHA? If “Yes,” proceed to questions 4.f.2. and 4.f.3.
Does the Condominium Project’s Commercial/Non-Residential Space within FHA’s percentage
range that would allow to seek an exception? If “Yes,” answer question 4.f.3.
Based upon the analysis of additional required documentation, does the Condominium Project
maintain its residential character?
Are the Residential and Commercial/Non-Residential Spaces independently sustainable such that
neither portion of the project is financially reliant on the other?

Yes

Live/Work
If the project has Units with non-residential space (Live/Work Units), does the square footage for
the non-residential floor area of the Live/Work Unit exceed FHA guidelines?
If applicable, do the governing documents allow Live/Work arrangements?

Yes

Insurance Requirements
Hazard Insurance: Does the Condominium Association have a master or blanket Hazard Insurance
policy in an amount equal to at least 100% of the insurable replacement cost of the Condominium
Project, including the individual Units in the Condominium Project?
Liability Insurance: Does the Condominium Association have comprehensive Liability Insurance
for the entire Condominium Project, including all Common Elements and areas, public ways, and
other areas that are under its supervision, in the amount of at least $1 million for any single
occurrence?
Fidelity Insurance: Does the Condominium Association maintain Fidelity Insurance for all officers,
directors, and employees of the Condominium Association and all other persons handling or
responsible for funds administered by the Condominium Association?
Fidelity Insurance: Is the Fidelity Insurance the greater of: three months of aggregate
assessments on all Units plus reserve funds; or the minimum amount required by state law?
Fidelity Insurance: Does the policy (policies) demonstrate that they specifically meet the standard
for both the Condominium Association and the management company?

8.
9.

2.
3.
4.
4.g.
1.
2.
4.h.
1.
2.

3.
4.
5.

FHA Condominium Project Approval Questionnaire

No

☐

☐

☐

☐

☐

☐

☐

No

☐
No

☐

☐

☐

☐

☐

☐

☐

☐
No

☐

☐

☐

☐

Yes

No

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

Page 7 of 13
Form HUD-9992 (01/21)

OMB Approval No. 2502-0610

4.h.
6.

Insurance Requirements
Flood Insurance: Are Units or Common Elements located in a Special Flood Hazard Area (SFHA)?
If “Yes,” Flood Insurance is in force equaling (select only one option below):
☐ 100% replacement cost;
☐ Maximum coverage per Unit available under the National Flood Insurance Program (NFIP);
or
☐ Some other amount (enter amount here) $_____________.

Yes

No

☐

☐

4.i.
1.

Special Flood Hazard Areas
If any portion of the Structures or equipment essential to the value of the Complete
Condominium Project is located within an SFHA, does the Condominium Project have any of the
following:
☐ a final Letter of Map Amendment (LOMA) or final Letter of Map Revision (LOMR) from
Federal Emergency Management Agency (FEMA) that removes the Property from the
SFHA; or
☐ a FEMA National Flood Insurance Program Elevation Certificate (FEMA Form 086-0-33)
prepared by a licensed engineer or surveyor documenting that the lowest floor, including
the basement of the residential building(s), and all related improvements/equipment
essential to the value of the Property are built at or above the 100-year flood elevation in
compliance with the NFIP criteria, and insurance under the NFIP.
If any portion of the Structures or equipment essential to the value of the Manufactured Housing
Condominium Project for both new and existing Manufactured Homes is located within an SFHA,
have one of the following items been submitted?
☐ if applicable, FEMA LOMA;
☐ if applicable, FEMA LOMR; or
☐ if applicable, FEMA Form 086-0-33.

Yes

Leasehold Interest
Does the Condominium Project have Common Elements owned under a Leasehold Interest? If
“Yes,” answer 4.j.2.
Does the lease comply with FHA’s leasehold guidance?

Yes

Contracts and Recreational Leases/Easements
If the answer to 3.b.3 regarding existing contracts is “Yes,” answer 4.k.2 and 4.k.3.
If the Condominium Association employs the services of a management company, does the
Management Agreement allow the Condominium Association to terminate the contract with no
more than 90 Days’ notice?
If the Condominium Association has any contracts entered into by the builder/developer prior to
the Transfer of Control and subsequently assigned to the Condominium Association, do the
contracts allow the Condominium Association to terminate the contracts with no more than 90
Days’ notice?
Does the Condominium Project have a Recreational Lease/Easements? If “Yes,” answer 4.k.5 and
4.k.6.
Is the property owner a nonprofit Entity under the Control of the Condominium Association?
Does each Unit owner have the right to opt out of membership with no more than 90 Days’ notice
and without penalty?
If 4.k.5 and 4.k.6 are “Yes,” then the Recreational Lease/Easement meets the standards.

Yes

2.

4.j.
1.
2.
4.k.
1.
2.
3.

4.
5.
6.
7.

FHA Condominium Project Approval Questionnaire

☐

No

☐

No

☐

☐

☐

☐
No

☐
☐

☐
☐

☐

☐

☐

☐

☐
☐

☐
☐

Page 8 of 13
Form HUD-9992 (01/21)

OMB Approval No. 2502-0610

4.l.
1.
2.

Litigation
If the answer to question 3.j.1 or 3.j.2 is “Yes,” answer 4.l.2 – 4.l.11.
If there is Litigation, is it related to the safety, structural soundness, habitability, or functional use
of the Condominium Project?

3.

What is the anticipated settlement or judgement date, if applicable?

4.

If applicable, is there sufficient insurance coverage to pay out a settlement/judgement without
affecting the Financial Stability of the project?
Could legal action impact the future solvency of the HOA? If “Yes,” provide a letter of explanation.
Could the ability of homeowners to transfer title be affected? If “Yes,” provide a letter of
explanation.
Could the action impact the homeowners’ rights?
Have any required repairs or remedial work to address the issues (i.e. safety, structural
soundness, habitability, or functional use of the Condominium Project) been scheduled?
What is the schedule for completion?
Have repairs started?
Is the Condominium Project or Condominium Association subject to any other litigation risk not
covered by insurance or that exceeds the amount of insurance coverage relating to the potential
losses for that matter?

5.
6.
7.
8.
9.
10.
11.

4.m.
1.

Yes

No

☐

☐

Date
Yes

No

☐

☐

☐
☐

☐
☐

☐
☐

☐
☐

☐
☐
☐

☐
☐
☐

Legal Restrictions on Conveyance
Yes No
Does the Condominium Project contain Units encumbered by restrictions on conveyance
☐
☐
in violation of the requirements contained in 24 CFR § 203.41, subject to certain
enumerated exceptions provided below? If “Yes,” Mortgagee should provide lease and
any other documentation required to comply with FHA’s leasehold guidance.
2.
Are all of the leases in writing and subject to the declaration and bylaws of the Condominium
☐
☐
Project?
3.
Does the lease allow the Condominium Association to request and receive a copy of the sublease
☐
☐
or rental agreement?
4.
Does the lease allow the Condominium Association to request the name(s) of all tenants including ☐
☐
the tenants’ family members who will occupy the Unit?
5.
Does the lease prohibit Unit owners from leasing their Units for an initial term of less than 30
☐
☐
days?
6.
Does the lease allow the Condominium Association to establish a maximum allowable lease
☐
☐
term?
7.
Does the lease allow the Condominium Association to establish a maximum number of rental
☐
☐
Units within the project? If “Yes,” answer 4.m.8.
8.
If there is a maximum percentage of rental units, does it exceed the current FHA condominium
project owner-occupancy requirement?
9.
Does the lease allow the Condominium Association to establish a maximum allowable lease
☐
☐
term?
10.
Does the lease prohibit the Condominium Association from requiring that a prospective tenant be ☐
☐
approved by the Condominium Association and/or its agent(s), including but not limited to
meeting creditworthiness standards?
11.
Does the lease give the Condominium Association the right of first refusal to purchase or lease
☐
☐
any Unit without violating discriminatory conduct prohibitions under the Fair Housing Act
regulations at 24 CFR part 100?
FHA Condominium Project Approval Questionnaire
Page 9 of 13
Form HUD-9992 (01/21)

4.m.
12.

OMB Approval No. 2502-0610

Legal Restrictions on Conveyance
Does the Condominium Project have legal restrictions on conveyance for affordable housing
Units? If “Yes,” answer 4.m.13-15.
If it is it an eligible government or nonprofit affordable housing program, does it meet
the exceptions defined in 24 CFR § 203.41 (c) and (d)?
Are the affordable housing Units identified by recorded legal documents that specify the Units
that are covered under the program?
Does the Condominium Project have private transfer fee covenants that comply with Excepted
Transfer Fee Covenants as provided in 12 CFR § 1228?

Yes

No

☐

☐

☐

☐

☐

☐

☐

☐

4.n.

New Construction: Complete Condominium Project

1.

Is the Condominium Project or Legal Phase a Complete Condominium Project or a Complete Legal
Phase? If “Yes,” answer 4.n.2.
Has a Form HUD-92541 that is signed and dated been submitted?
If question 4.n.3 is “Yes,” does the Form HUD-92541 show any issues noted by the
builder/developer and proposed mitigation plans?
If no Units have closed in the Condominium Project, has the additional Financial Condition
Required Documentation with a proposed budget been submitted?
If no Units have closed in the Condominium Project, have the insurance requirements been met
with either: a builder’s policy or Hazard Insurance, Liability Insurance, and Fidelity Insurance
policies? If any Unit has closed, all minimum Insurance Coverage is required.
If the Condominium Project is a Non-Gut Rehabilitation (Non-Gut Rehab), is there a reserve study
prepared by a qualified, independent third party that is less than 36 months old?

Yes

No

13.
14.
15.

2.
3.
4.
5.
6.
4.o.

New Construction: Completed Condominium Project and Newly Converted: Gut Rehab

1.
2.
3.

What is the recordation date for the newly converted Condominium Project’s legal documents?
Does the Gut Rehabilitation (Gut Rehab) Condominium Project meet the general FHA
Condominium Project Approval Requirements?
Does the Gut Rehab Condominium Project meet the New Construction standards?

4.p.

Newly Converted: Non-Gut Rehab

1.

If the Condominium Project is a Non-Gut Rehab, have all the rehabilitation work and repairs been
completed?
If the Condominium Project is a Non-Gut Rehab, does it meet the standards for Existing
Construction?
If the Condominium Project is a Non-Gut Rehab, is there a reserve study prepared by a qualified,
independent third party that is less than 36 months old?

2.
3.
4.q.

Two- to Four-Unit

1.
2.
3.

Does state law require the creation of an annual budget or annual financial statements?
Is the project 75% owner occupied?
Are there Units that are 60 Days or more past due on their Condominium Association fee
payments? (Excluding late fees or other administrative expenses)

4.r.

Manufactured Home Condominium Project

1.

Is the Manufactured Home Condominium Project being processed under HRAP?

FHA Condominium Project Approval Questionnaire

☐

☐

☐
☐

☐
☐

☐

☐

☐

☐

☐

☐

Yes

No

☐
☐

☐
☐

☐

☐

Yes

No

☐

☐

☐

☐

☐

☐

Yes

☐
☐
☐

Yes

☐

No

☐
☐
☐

No

☐

Page 10 of 13
Form HUD-9992 (01/21)

4.s.
4.a. Legal Phasing

4.c. Occupancy
Requirements
4.d. Financial Stability
and Controls

4.f. Commercial/NonResidential Space

4.g. Live/Work
4.h.1 Insurance
Requirements – Hazard
Insurance
4.h.2 Insurance
Requirements –
Liability Insurance
4h.3 - 5 Insurance
Requirements – Fidelity
Insurance

Required Documentation
☐ completed FHA Condominium Project Approval Questionnaire;
☐ the CO or its equivalent for each Unit in the Legal Phase; or
☐ a temporary CO or its equivalent.
☐ the FHA Condominium Project Approval Questionnaire.

OMB Approval No. 2502-0610

☐ the FHA Condominium Project Approval Questionnaire;
☐ current year’s budget approved by the Condominium Association board;
☐ year-to-date income and expense statement dated within 90 Days if the prior year-todate actuals are more than 90 Days old;
☐ income and expense statement for the previous year’s actual year end results;
☐ current balance sheet dated within 90 Days prior to the date of submission;
☐ if applicable, documentation supporting any loans or special assessments, including
information regarding the purpose, term, payment status, total amount of the
assessment, amount of the assessment per Unit and overall impact on marketability and
value of the Property;
☐ if applicable, a dated legal document evidencing Resolution of Financial Distress Event
and a letter of explanation describing the cause of the event and measures taken by the
Condominium Association to prevent a future Financial Distress Event; and
☐ evidence of financial arrangements that guarantee the future completion of all facilities
and Common Elements, as applicable.
☐ FHA Condominium Project Approval Questionnaire;
☐ current year’s budget approved by the Condominium Association board;
☐ year-to-date income and expense statement dated within 90 Days if the prior year-todate actuals are more than 90 Days old;
☐ income and expense statement for the previous year’s actual year end results;
☐ current balance sheet dated within 90 Days prior to the date of submission;
☐ if applicable, documentation supporting any loans or special assessments, including
information regarding the purpose, term, payment status, total amount of the assessment,
amount of the assessment per Unit and overall impact on marketability and value of the
Property;
☐ if applicable, a dated legal document evidencing Resolution of Financial Distress Event
and a letter of explanation describing the cause of the event and measures taken by the
Condominium Association to prevent a future Financial Distress Event; and
☐ evidence of financial arrangements that guarantee the future completion of all facilities
and Common Elements, as applicable.
☐ FHA Condominium Project Approval Questionnaire; and
☐ recorded CC&Rs.
☐ FHA Condominium Project Approval Questionnaire; and
☐ certificate of insurance or a complete copy of the insurance policy.
☐ FHA Condominium Project Approval Questionnaire; and
☐ certificate of insurance or a complete copy of the insurance policy.
☐ FHA Condominium Project Approval Questionnaire; and
☐ certificate of insurance or a complete copy of the insurance policy from the Condominium
Association and/or from the management company.

FHA Condominium Project Approval Questionnaire

Page 11 of 13
Form HUD-9992 (01/21)

4.h.6 Insurance
Requirements – Flood
Insurance
4.i. Special Flood
Hazard Areas
4.j. Leasehold Interest

4.f. Commercial/NonResidential

4.k. Contracts

4.k. Recreational
Leases/Easement
4.l. Litigation

4.m. Legal Restrictions
on Conveyance

OMB Approval No. 2502-0610

☐ FHA Condominium Project Approval Questionnaire;
☐ FEMA flood map with the Condominium Project location clearly marked;
☐ if applicable, the certificate of insurance or a complete copy of the NFIP policy; and
☐ if applicable, the LOMA, LOMR, or elevation certificate.
☐ if applicable, FEMA LOMA;
☐ if applicable, FEMA LOMR; or
☐ if applicable, FEMA Form 086-0-33.
☐ lease agreement; and
☐ any other documentation required by the Mortgagee to comply with FHA’s leasehold
guidance.
☐ FHA Condominium Project Approval Questionnaire;
☐ budget and financials;
☐ recorded condominium site plans;
☐ recorded CC&Rs; or
☐ if applicable, exception documentation.
Exception documentation:
☐ an opinion from a certified residential appraiser that addresses market;
☐ acceptance of the Condominium Project as residential in character;
☐ a current market study performed by an independent third party that addresses factors
relating to the economy for the locality of the Condominium Project or specific to the
Condominium Project; and
☐ the total number of residential Units in the Condominium Project.
☐ current, executed Management Agreement must be submitted;
☐ FHA Condominium Project Approval Questionnaire; and
☐ copies of contracts entered into by the builder/developer prior to the Transfer of Control.
☐ FHA Condominium Project Approval Questionnaire; and
☐ leases, Easements, or contracts for use of recreational facilities.
☐ FHA Condominium Project Approval Questionnaire;
☐ a signed and dated explanation from the Condominium Association, management
company, or an attorney representing the Condominium Association that includes at least
the following information:
• reason(s) for the Litigation;
• risk of the Litigation;
• anticipated settlement/judgment date, if any;
• sufficiency of insurance coverage to pay out a settlement/ Judgment, if applicable;
and
• impact of the Litigation on the future solvency of the Condominium Association; and
☐ the following documents, which must be attached to the signed and dated explanation, if
applicable:
• complaint filed with the court, arbitrator, or mediator; and
• all engineering or expert reports commissioned by the Condominium Association or
their attorneys, which must include evidence of the safety, structural soundness,
habitability, or functional use of the Condominium Project and evidence of the cost
of the repair of any construction defect and status of the repairs.
☐ FHA Condominium Project Approval Questionnaire; and
☐ recorded legal documents.

FHA Condominium Project Approval Questionnaire

Page 12 of 13
Form HUD-9992 (01/21)

4.n. New Construction:
Complete
Condominium Project

4.o. New Construction:
Completed
Condominium Project
and Newly Converted:
Gut Rehab
4.p. Newly Converted:
Non-Gut Rehab
4.q. Two- to Four-Unit

4.r. Manufactured
Home Condominium
Project

OMB Approval No. 2502-0610

☐ Form HUD-92541, Builder’s Certification of Plans, Specifications, & Site signed and dated;
☐ additional documentation demonstrating mitigation of any issues noted in Form
HUD-92541 including the State Licensed engineers’ (soil and structural) reports, designs,
and/or certifications to ensure the structural soundness of the improvements and the
health and safety of the occupants;
☐ a copy of the builder’s policy or the required documentation in Insurance Coverage;
☐ a CO or its equivalent; and
☐ photographs of each building.
☐ FHA Condominium Project Approval Questionnaire;
☐ an engineering or architectural inspection, dated within 12 months, evidencing all
rehabilitation work/repairs have been completed; and
☐ a CO or its equivalent.

☐ FHA Condominium Project Approval Questionnaire;
☐ reserve study; and
☐ evidence that all rehabilitation work/repairs have been completed.
☐ annual budget, financial statements or memorandum of understanding, if applicable; and
☐ documented evidence that each unit is separately owned with a separate legal
description.
☐ FHA Condominium Project Approval Questionnaire.

Section 5: Worksheet Certification and Signature

I certify that I have reviewed the information provided in Sections 1, 2, 3 and 4 and the required supporting
documentation to confirm project approval requirements have been met. In addition, I certify the information and
analysis provided in Section 4 is accurate to the best of my knowledge and belief and that the required documentation
has been submitted. WARNING: HUD will prosecute false claims and statements. Conviction may result in criminal
and/or civil penalties (18 U.S.C. 1001, 1010, 1012; 31 U.S.C. 3729, 3802).
5.a. Submitter Certification
_________________________________________________
Name (printed)

__________________________________________
Title

_________________________________________________
Signature and Date Signed
5.b. Mortgagee Certification
________________________________________________
Name (printed)

__________________________________________
Title

________________________________________________
Signature and Date Signed

_________________________________________
Mortgagee Name

FHA Condominium Project Approval Questionnaire

Page 13 of 13
Form HUD-9992 (01/21)