HUD-9992 Redline Changes

OMB Approval No. 2502-0610
Expires MM/DD/YYYY

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.

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 1.5 hours 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. An agency may
not conduct or sponsor, and you are not required to respond to, a collection of information unless it displays a currently valid OMB control number. This
information collection is required to obtain or retain benefits. This information will not be held confidential. The information is used to process
condominium project approvals for forward mortgages and Home Equity Conversion Mortgages. This information is collected to determine if a
condominium project is eligible for FHA project approval and if a unit in an approved or unapproved condominium project is eligible for FHA-insured
financing. 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 7 th 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 completingComplete the questionnaire. Sections 1, 4, as outlined in
the Form HUD-9992 Instructions and 5 must be completed byprovide the Mortgagee and, if applicable, the submitter.
Sections 2 and 3 must be completed by therequired documentation per HUD Handbook 4000.1, FHA Single Family
Housing Policy Handbook (Handbook 4000.1), Condominium Association/management company and returnedProject
Approval (section II.C). Provide any additional documentation to the Mortgagee/submitter.support the condominium
project approval, as necessary.
Legal Name of Condominium Project: ___________________________________________________
Review Type:
Approval Process:

☐ Full Review
☐ DELRAP

☐ Recertification Review
☐ HRAP

☐ Phasing Review

Section 1: Mortgagee/Submitter Information
1.a. Mortgagee
InformationOrganizational Type of
Submitter

☐ Condominium Association

☐

FHA Condominium Project Approval Questionnaire

Mortgagee Name:

FH
AC
Le
nd
er
ID

Attorney (Agent)

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1.a. Mortgagee
InformationOrganizational Type of
Submitter
Nu
m
be
r:

☐ Project Consultant

☐
☐ Other Eligible Submission Source

☐

Builder

Zip

Developer Phone Number:

Str
ee
t
Ad
dr
ess
:

☐ Management CompanyState:
Cit
y:
Contact Name:

Code:☐
Email Address:

Fax Number:

1.b.Organizational Type of Submitter Information
Condominium
AssociationFHA Lender

☐Organization Name:

☐

Builder

☐

Developer

☐

Other Eligible Submission
Source

ID Number (10-digit; if
applicable):
City:Project Consultant

Street Address:☐
State:☐

ZIP
Code:Mana

Fax Number:Mortgagee

Phone Number:☐

gement
Company
Email Address:Attorney

☐Contact Name/Title:

(agent)

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:

WARNING: This warning applies to all certifications made in this document.
Anyone who knowingly submits a false claim, or makes false statements is subject to criminal and civil penalties, including confinement for up to
5 years, fines, and civil penalties. 18 U.S.C. §§ 287, 1001 and 31 U.S.C. §3729

FHA Condominium Project Approval Questionnaire

Page 2 of 22
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Section 2: Condominium Project Information
2.a. Condominium Project
Legal Name of Project:

FHA Condo Approval -ID Number:

Street Address:

City

CityState:

StateZIP Code:

Zip Code:Project Completion Date:

2.b. Condominium Association
Condominium Association Name:

Association Tax ID Number:

Street Address:
CityState:

City:

StateZIP Code:

Zip CodePhone Number:

Association Contact Name/Title:

PhoneFax Number:

Email Address:

Fax Number:

2.c. Management Company

Self-Managed

Management Company Name:

Management Company Tax ID Number:

Street Address:

City:

CityState:

StateZIP Code:

Zip CodePhone Number:

Management Contact Name / /Title:

☐

PhoneFax Number:
Email Address:

Fax Number:

Section 3: Project Eligibility
3.a.
1. 3
.
a
.
1.
2.
3.
4.
5.
6.
7.
8.
9.

FHA Insurance Concentration
Does the FHA Insurance Concentration for the Condominium Project, Condominium Unit(s) (Unit)
or Common Elements have any of the following features? comply with FHA’s standard?

Yes
Yes

No
No

☐

☐

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

☐
☐
☐

☐
☐
☐

☐
☐
☐
☐
☐
☐

☐
☐
☐
☐
☐
☐

FHA Condominium Project Approval Questionnaire

Page 3 of 22
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3.b.
1.
2.
3.

3.c.

Transfer of ControlRecertification Review
Yes
No
☐ N/A
Has ControlHave any of the Condominium Associationlegal documents been transferred
☐
☐
fromamended since the developer/builder to the Unit owners?last FHA approval? If “Yes,”
submit updated legal documents.
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

3.
4.
5.
6.
7.
8.
9.

Legal PhasingManufactured Home Condominium Project
☐ N/A
Is the project 100% complete, including all construction or renovation of Units for allthis a
Manufactured Home Condominium Project Legal Phases?? If “No,” answer questions 3.c.2 –
3.c.9.Yes,” HRAP processing is required.
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
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

3.d.

Legal Phasing

1.
2.

No

☐
☐

☐

☐

☐

Number

☐ N/A

10.1. 3.d.Is the project 100% complete, including all construction or renovation of Units for all
Condominium Project Legal Phases? If “No,” answer 3.d.2. – 3.d.6. If “Yes,” skip to 3.e.

FHA Condominium Project Approval Questionnaire

Yes

Yes

No

☐

☐

Occ
upa
ncy
Req
uire
men
ts
by
Con
stru
ctio
n
Typ
e

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3.d. Legal Phasing
☐ N/A
11.2. Owner-occupied Units includes any Unit:
a. occupied byEnter the owner for any portionNumber of the calendar yearPlanned and that is
not rented for a majority of the year;
b. listed for sale,Complete Legal Phases and not listed for rent, that was previously occupied by
the owner as described in (i) above; or
c. sold to an owner who intends to occupy the Unit as described in (i) above.

# of
Phases

# of
Units

Units. 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
a.
b.

Existing Construction (greater than 12 months old)
Units in Project
Total Number ofplanned Legal Phases and Units infor the Condominium Project
a.
Owner-occupied Units as defined aboveComplete Legal Phases
and Units (evidenced by built out Units and a CO, a Temporary CO or equivalent)

FHA Condominium Project Approval Questionnaire

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3.d. Legal Phasing
b.c. N Complete Legal Phases with FHA approval
o
n
o
w
n
e
r
o
c
c
u
p
i
e
d
U
n
i
t
s
a
s
d
e
f
i
n
e
d
a
b
o
v
e
c.d. 2. New Construction

☐ N/A

New Complete Legal Phases and Units submitted for FHA Condominium Project (less than 12
months old); or
Legal PhaseApproval
12.3. Total Number of UnitsAre all the Complete Legal Phases included 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. Approval
package?
FHA Condominium Project Approval Questionnaire

Yes

No

☐

☐

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3.d. Legal Phasing
☐ N/A
13.4. a.
Owner-occupied Units as defined aboveAre the Complete Legal
Phases independently sustainable without future planned Legal Phases, as demonstrated by the
budget and financial documentation?
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.
2.
3.
4.
5.
6.
7.
8.

9.
10.

3.g.
1.

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

☐

☐

☐
☐

☐
☐

☐
☐
☐

☐
☐
☐

☐

☐

☐

☐

☐

☐

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

FHA Condominium Project Approval Questionnaire

Page 7 of 22
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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

3.c. Legal Phasing
3.f. Financial Stability and
Controls

3.h. Commercial/NonResidential Space

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

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

FHA Condominium Project Approval Questionnaire

Page 8 of 22
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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 9 of 22
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Section 4: Eligibility Worksheet for Condominium Project Approval
4.a.
1.
2.
3.
4.
5.

6.5.
7.6.

Legal Phasing
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?

Yes

No

☐

☐

☐
☐
☐

☐
☐
☐

☐

☐

☐

☐

3.e. Occupancy Requirements by Construction
Type4.b.

FHA Insurance Concentration

Y
e
s

N
o

1.2.

1. DoesOwner Occupancy
 Owner-occupied Units include any Unit:
 occupied by the FHA Insurance
Concentrationowner for any portion of
the calendar year and that is not rented
for a majority of the year;
 listed for sale, and not listed for rent,
that was previously occupied by the
owner as described above; or
 sold to an owner who intends to occupy
the Unit as described above.
 A Unit owned by the builder/developer is not
an owner-occupied Unit.Condominium
Project
 A non-owner-occupied Unit refers to a Unit
that does not meet FHA’s maximum
insurance concentration standard? the
requirements above.

☐ ☐

# of
Units
a.
i.
ii.

FHA Condominium Project Approval Questionnaire

Provide the total number of Units in the
Condominium Project.
Provide the number of owner-occupied Units (as
described in 3.e.1.).
Provide the number of non-owner-occupied
Units.
Page 10 of 22
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% of
Units
%

b.

Provide the Owner Occupancy Percentage (owneroccupied Units/total Units).
2. Construction Type (Check the Construction Type and answer the applicable questions.)
a.

☐ Existing Construction Projects (greater than 12 months
old)
Check the box used to comply with the Owner Occupancy
Percentage requirement.
☐ Does not meet the requirement. If checked, Condominium
Project is not eligible.
☐ Meets minimum owner occupancy requirement. If
checked, skip to 3.f.
☐ Meets exception requirement (HRAP submission, within
owner occupancy range and limit on lower Units in Arrears). If
checked, skip to 3.f.
Y N
☐ New Construction: Complete Legal Phase or
e
o
Complete Condominium Projects (less than 12
s
months old)
Does the Owner Occupancy Percentage comply with ☐ ☐
FHA’s requirement for the declared Units in the
Condominium Project?

b.

4.c3.f.
1.
.

Occupancy RequirementsUnits in Arrears
What is the Owner Occupancy Percentage?Enter the number of Units in Arrears (more than 60
days past due).
Existing Construction Projects

# of Units
%
Yes% of

No

Units

2.
3.
.

4.
.
4.d
3.g.
1.
1.2.
3.

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.Enter the percent of Units in Arrears. (Units in Arrears/total Units)
New Construction: Complete Condominium Projects
Does the Owner Occupancy Percentage meet FHA’s minimumpercentage of Units in Arrears
comply with the FHA requirement for the declared Units in the Condominium Project?

☐

%

Yes

No

☐

☐

Financial Stability and ControlsIndividual Owner Concentration

Yes

No

Does any single owner own more than one Unit? If “Yes,” complete the information in the
table.
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 Individual Owner Concentration comply with the FHA requirement?
Individual/ Entity Name (Attach list for additional individual owners as required.)

☐

☐

☐

☐

Developer/
Builder

# of
Units

FHA Condominium Project Approval Questionnaire

☐

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☐
☐
3.h.
1.
2.
3.
4.
5.

6.
a.
b.
c.
7.
2.8.
3.
4.
5.
6.
7.
8.9.
10.

11.

Financial Stability and Controls
Does the Condominium Association have a reserve account for capital expenditures and
deferred maintenance?
Does the Condominium Association maintain separate accounts for operating and reserve
funds?
Is there a reserve account for capital expenditures and deferred maintenance, that is funded
with at least the required FHA percentage of the aggregate of 12 months of Unit assessments?
Is there evidence that the annual budget reflects a reserve allocation equal to at least the
minimum required FHA percentage?
If 3.h.3. or 3.h.4. is “No,” check all that apply. Is there an acceptable reserve study that justifies:
☐ a lower reserve account balance; and/or
☐ a lower funding rate for the reserve account?
Provide the following financial information:
Annual Condominium Association’s Dues for all Unit Owners
Special Assessments
Reserve Account Balance

Yes

No

☐

☐

☐

☐

☐

☐

☐

☐

Amount
$
$
$
Yes

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
requirement?
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?
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?
Has the project experienced a Financial Distress Event within the last 36 months? If “Yes,” refer
☐
to Handbook 4000.1, section II.C.2 for additional requirements.
Yes
Management Company
☐ N/A
Does the management company maintain separate records and bank accounts for the
☐
Condominium Association?

FHA Condominium Project Approval Questionnaire

No

☐
☐
☐
☐
☐
☐
☐
☐
☐
No

☐

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9.12. If there has been a Financial Distress Event forDoes the Condominium Project or
builder/developer, hasAssociation restrict the cause been resolved and is it unlikely to recur?
☐ management company from drawing checks on, or transferring funds from, the reserve
account of the Condominium Project. If “Yes,” provide resolution date:
___________________________
☐ Builder/developer. If “Yes,” provide resolution date:
______________________________Association without approval from the Condominium
Association?
4.e
3.i.
1.
2.
3.

Individual Owner ConcentrationCommercial/Non-Residential
☐ N/A
Total square footage
Total square footage of Commercial/Non-Residential Space
Total square footage of Residential Space

☐

☐

YesSquare Footage

No

%
4.
1.5.

a.
b.

4.f.
1.
2.
3.
4.

4.g3
.j.
1.
2.

Enter the percentage of Commercial/Non-Residential Space in the Condominium
Project. ((Total Commercial/Non-Residential Space square footage)/total square
footage)
Does the Individual Owner Concentration exceed the FHA limit? Individual Owner Concentration
includes single owner or Related Party.Check the box to show compliance with the
Commercial/Non-Residential Space requirement. The Condominium Project:
☐ does not comply with the FHA requirement. If checked, project is not eligible;
☐ complies with the percentage allowed by FHA. If checked, skip to 3.j.; or
☐ complies with the exception percentage range. If checked, answer 3.i.5.a. and 3.i.5.b.
Yes
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?

☐

No

☐
☐

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

FHA Condominium Project Approval Questionnaire

☐

No

☐

☐

☐

☐

☐

☐

☐

☐

Yes

No

☐

☐

☐

☐

Page 13 of 22
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OMB Approval No. 2502-0610
Expires MM/DD/YYYY

4.h3
.k.
1.
2.

Insurance RequirementsLitigation

Yes

No

Is the Condominium Project or Condominium Association subject to any pending Litigation?
If “Yes,” provide a signed and dated explanation and answer 3.k.2.—3.k.8. If “No,” skip to 3.l.
If there is Litigation, is it related to the safety, structural soundness, habitability, or functional
use of the Condominium Project?

☐

☐

☐

☐

Date
3.

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

4.

If applicable, is insurance coverage sufficient to pay out a settlement/judgement without
affecting the Financial Stability of the project? If “No,” provide an explanation that addresses
the impact of the legal action on the future solvency of the Condominium Association, the
ability of the homeowners to transfer title, and any impact on the rights of homeowners.
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?
Have repairs started?

5.
6.

Yes

No

☐

☐

☐

☐

☐

☐

Date
7.

Enter the date for the scheduled completion.
Yes

No

8.

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?

☐

☐

3.l.
1.
2.

Leasehold Interest
Is the Condominium Project owned under a Leasehold Interest?
Does the lease comply with FHA’s leasehold guidance?

Yes

No

☐
☐

☐
☐

Yes

No

☐

☐

☐ N/A

3.m. Transfer of Control
1.
Has Control of the Condominium Association been transferred from the developer/builder to the
Unit owners?

Date
2.

Date of transfer or estimated date of transfer (if applicable)

3.n.
1.

Contracts
Are there existing contracts entered into by the builder/developer prior to the Transfer of
Control? If “No,” proceed to 3.o.
Do the existing contracts comply with the no more than 90 Days’ notice to terminate
requirement?
If the Condominium Association employs a management company, does the Management
Agreement comply with the no more than 90 Days’ notice to terminate requirement?

Yes

No

☐

☐

☐

☐

☐

☐

Recreational Leases/Easements
Does the Condominium Project have a Recreational Lease/Easement? If “Yes,” answer 3.o.2. and
3.o.3. If “No,” skip to 3.p.
Is the property owner a nonprofit Entity under the Control of the Condominium Association?

Yes

No

☐

☐

☐

☐

2.
3.

3.o.
1.
2.

FHA Condominium Project Approval Questionnaire

Page 14 of 22
Form HUD-9992 (01/21MM/YY)

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Expires MM/DD/YYYY

3.o.
3.

Recreational Leases/Easements
Does each Unit owner have the right to opt out of membership with no more than 90 Days’
notice and without penalty?

Yes

No

☐

☐

3.p.
1.

Legal Restrictions on Conveyance
Do the Condominium Project legal documents comply with FHA’s legal restrictions on conveyance
(free assumability) standards defined in 24 CFR § 203.41?
Does the Condominium Project have affordable housing Units? If “Yes,” answer 3.p.3. and 3.p.4. If
“No,” skip to 3.p.5.
If it is 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, which specify the Units
that are covered under the program?
Does the Condominium Project have private transfer fee covenants? If “Yes,” answer 3.p.6. If
“No,” skip to 3.q.
Do the private transfer fee covenants comply with Excepted Transfer Fee Covenants as provided
in 12 CFR § 1228?

Yes

No

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

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 a comprehensive Liability Insurance
policy 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? that complies with the FHA
standard?
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?
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);) coverage available per Unit; or
☐ Some other amount (enter amount here) $_____________.

Yes

No

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

Special Flood Hazard Areas for New Construction and Manufactured Housing

Yes

No

2.
3.
4.
5.
6.

3.q.
1.
2.

3.

4.
5.
6.4.

4.i3.
r.

FHA Condominium Project Approval Questionnaire

☐ N/A

Page 15 of 22
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OMB Approval No. 2502-0610
Expires MM/DD/YYYY

1.

2.

4.j3.s.
1.
.
2.
4.k3.t.
1.
2.

3.

4.
5.
.
6.
.
7.5.

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
followingselect the documentation used to comply:
☐ 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.☐ a FEMA NFIP Elevation Certificate (FEMA
Form 086-0-33)
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.
Leasehold InterestExisting Project (Greater than 12 months)
DoesWas the Condominium Project have Common Elements owned under a Leasehold
Interest?or Legal Phase completed more than 12 months ago? If “Yes,” skip to 3.w. If “No,”
answer 4.j.23.t.1.
Does the lease comply with FHA’s leasehold guidance?
Contracts and Recreational Leases/EasementsComplete Condominium Project (Less than 12
months) or Legal Phase
☐ N/A
If the answer to 3.b.3 regarding existing contracts is “Yes,” answer 4.k.2 and 4.k.3.Has a signed
and dated form HUD-92541, Builder’s Certification of Plans, Specifications, and Site been
submitted? If “No,” go to 3.t.2. If “Yes,” skip to 3.t.4.
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?Does the form HUD-92541 show any issues noted by the
builder/developer? If “Yes,” answer 3.t.3. If “No,” skip to 3.t.4.
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?Have proper mitigation plans been addressed?
DoesHave any Units closed with the Condominium Project have a Recreational
Lease/Easements?or Legal Phase? If “YesNo,” answer 3.t.4.k.5a. and 3.t.4.k.6.b. If “Yes,” skip to
3.t.5.
Is the property ownerHas a nonprofit Entity under the Control ofproposed budget been
submitted showing financial stability for the Condominium Association?Project or Legal Phase?
Does each Unit owner have the right to opt out of membership with no more than 90 Days’
notice and without penalty?Is a current Builders Risk Policy in place?
If 4.k.5 and 4.k.6 are “Yes,” then the Recreational Lease/Easement meets the standards.Have
all required Hazard Insurance, Liability Insurance, and Fidelity Insurance policies been provided
in the name of the Condominium Association?

FHA Condominium Project Approval Questionnaire

☐

☐

Yes

No

☐

☐

☐

☐

Yes

No

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

Page 16 of 22
Form HUD-9992 (01/21MM/YY)

OMB Approval No. 2502-0610
Expires MM/DD/YYYY

4.l.
1.
.u.
2.1.

Litigation
If the answer to question 3.j.1 or 3.j.2 is “Yes,” answer 4.l.2 – 4.l.11.Newly Converted: Gut
Rehabilitation
☐ N/A
If there is Litigation, is it related toProvide the safety, structural soundness, habitability, or
functional use ofrecordation date for the newly converted Condominium Project?Project’s
legal documents.

Yes

No
Date

☐

☐

Date
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?
5.
Could legal action impact the future solvency of the HOA? If “Yes,” provide a letter of
explanation.
6.
Could the ability of homeowners to transfer title be affected? If “Yes,” provide a letter of
explanation.
7.
Could the action impact the homeowners’ rights?
8.2. 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?Does the Gut Rehabilitation (Gut Rehab) Condominium Project meet the general
FHA Condominium Project Approval requirements?
9.
What is the schedule for completion?
10.
Have repairs started?
11.3. IsDoes the Gut Rehab Condominium Project orcomply with the FHA 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 matterProject
Approval New Construction standards?
4.m3.v.
1.

2.
3.
4.1.
5.
6.

Legal Restrictions on ConveyanceNewly Converted: Non-Gut Rehab
☐ N/A
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.
Are all of the leases in writing and subject to the declaration and bylaws of the Condominium
Project?
Does the lease allow the Condominium Association to request and receive a copy of the
sublease or rental agreement?
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? If the project is a Non-Gut
Rehab, have all the rehabilitation work and repairs been completed?
Does the lease prohibit Unit owners from leasing their Units for an initial term of less than 30
days?
Does the lease allow the Condominium Association to establish a maximum allowable lease
term?

FHA Condominium Project Approval Questionnaire

Yes

No

☐

☐

☐

☐

☐

☐

☐
☐

☐
☐

☐
☐
☐

☐
☐
☐

Yes

No

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

Page 17 of 22
Form HUD-9992 (01/21MM/YY)

OMB Approval No. 2502-0610
Expires MM/DD/YYYY

4.m3.v.
7.2.
8.3.
9.
10.
11.
12.
13.
14.
15.

4.n3.w.

Legal Restrictions on ConveyanceNewly Converted: Non-Gut Rehab
☐ N/A
Does the lease allow the Condominium Association to establish a maximum number of rental
Units within the project? If “Yes,” answer 4.m.8.If the project is a Non-Gut Rehab, does it
comply with the standards for Existing Construction?
If there is a maximum percentage of rental units, does it exceed the current FHA condominium
project owner-occupancy requirement?If the 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?
Does the lease allow the Condominium Association to establish a maximum allowable lease
term?
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?
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?
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

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

☐

New Construction: Complete Condominium ProjectTwo- to Four-Unit

Yes

No

☐

☐

☐
☐

☐
☐

☐

☐

☐

☐

☐

☐

☐ N/A
1.
2.
3.
4.
5.
6.

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?

4.o.

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

1.
2.

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?

3.

FHA Condominium Project Approval Questionnaire

Yes

No

☐
☐

☐
☐

☐

☐

Page 18 of 22
Form HUD-9992 (01/21MM/YY)

OMB Approval No. 2502-0610
Expires MM/DD/YYYY

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.

Yes

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?in Arrears? (Excluding late fees or other administrative expenses)

4.r.

Manufactured Home Condominium Project

1.

Is the Manufactured Home Condominium Project being processed under HRAP?

4.s.
4.a. Legal Phasing

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

4.f. Commercial/NonResidential Space

No

☐

☐

☐

☐

☐

☐

Yes

☐
☐
☐

Yes

☐

No

☐
☐
☐

No

☐

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.
☐ 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;

FHA Condominium Project Approval Questionnaire

Page 19 of 22
Form HUD-9992 (01/21MM/YY)

OMB Approval No. 2502-0610
Expires MM/DD/YYYY

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

4.f. Commercial/NonResidential

4.k. Contracts

☐ 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;
☐ 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

Page 20 of 22
Form HUD-9992 (01/21MM/YY)

OMB Approval No. 2502-0610
Expires MM/DD/YYYY

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

4.m. Legal Restrictions
on Conveyance
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

☐ 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.
☐ Form HUD-92541, Builder’s Certification of Plans, Specifications, & Site signed and dated;
☐ additional documentation demonstrating mitigation of any issues noted in Form HUD92541 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 5:4: Submitter Worksheet Certification and Signature
FHA Condominium Project Approval Questionnaire

Page 21 of 22
Form HUD-9992 (01/21MM/YY)

OMB Approval No. 2502-0610
Expires MM/DD/YYYY

I, the undersigned, certify that I have reviewedcompleted the questionnaire with information provided in Sections 1, 2, 3
and 4 and the required supporting documentation to confirm project approvalobtained within the last 90 days from
verifiable sources, including a condominium association, public records, independent third parties, or other data
sources. The Condominium Project meets FHA requirements have been met. In addition, I certify the . The information
and analysis provided in Section 4 is accuratestatements contained in all sections of the questionnaire are true and
correct 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 and Company Name

_________________________________________________
________________________________________________

Signature and

__________________________________________

Date Signed

5.b. Mortgagee Certification
________________________________________________
Name (printed)

__________________________________________
Title

_________________________________________________
__________________________________________
Signature and Date Signed
Mortgagee Name

FHA Condominium Project Approval Questionnaire

Page 22 of 22
Form HUD-9992 (01/21MM/YY)