New HUD Restrictions Limit Condo Construction
HUD has established new rules limiting the percentage of units in a building that can get FHA loans. Developers cry foul, calling it a bias against affordable housing and density.
"[Developer] Diana Chevalier, owner of Project Approval Services, said she was so upset when she learned of HUD's new restrictions that she hopped the first plane to Washington, D.C."
"'I took a $1,000 flight, and I met with Margaret Burns,' Chevalier said of the director of HUD's Office of Single Family Program Development. 'What the FHA is doing is trying to limit their exposure in existing condos and new condos and this is their way of monitoring their exposure.'"
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Published on Monday, August 24, 2009 in
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