CAI-NJ Oct. 2019(w)

NATIONAL TRENDS... from page 90.

RESTORING PEACE OF MIND

the newly released approval process include: • Single-unit approvals allowed: FHA will insure up to 10% of mortgages in condominiums without FHA approval provided the condominium is finan- cially stable. This is a game-changer for expanding the access to FHA- insured loans for condominium buy- ers, especially for smaller condo- minium projects. It is costly for a condominium association to become FHA-certified. This will allow owners to access FHA-insured loans without the burden of requiring the associa- tion to become fully certified. • Project approvals extended: FHA approvals for condominium projects extended from two to three years. • Recertification process simplified: Condominium projects seeking recertification are only required to update new information rather than resubmit all project information. • Commercial space restrictions eased: Mixed-use condominium projects with up to 45% commer- cial space will be eligible to apply for approval. FHA recognizes the changing nature of mixed-use proj- ects that are prevalent in many urban areas. • Owner occupancy rates lowered: Condominium projects with owner occupancy rates as low as 35%

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CREATING CALM FROM CHAOS. As the leading restoration company in the world, BELFOR can provide total support for apartment residents, owners and property managers during a crisis. With more than 100 locations across the country and more than 60 years of experience, we can deploy a massive amount of equipment and our highly trained team of recovery specialists to a disaster withinminutes or hours. We are 100% dedicated to delivering fast response and cost-effective solutions to help restore your peace of mind.

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50 Ethel Road West, Piscataway, NJ 08854 732.317.4500 | www.belforusa.com

NJ Licenses 13VH03053100, 040011

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