Condominium Documents:  Drafting to Comply with HUD Condominium Project Approval Requirements, State Bar of Texas Annual Real Estate Drafting Course, presented by Bob Burton

Section 203(b) of the National Housing Act authorizes the Department of Housing and Urban Development ("HUD" or the "Department") to issue, or commit to issue, mortgage insurance on loans to purchase or refinance one-family residential dwellings,  Section 203(b) is the primary mortgage insurance program administered by HUD. Section 234(c) of the National Housing Act authorizes the Secretary of HUD to issue, or commit to issue, mortgage insurance on individual condominium units.  Section 234(c) further authorizes the Secretary to adopt rules and conditions, which must be satisfied as a precondition to issuance of mortgage insurance on loans to purchase or refinance condominium units,  The rules and conditions have been issued and codified.  The periodic issuance of HUD Mortgagee Letters has further supplemented the codified rules.  Continue Reading