Back around the beginning of December 2010, there were a number of notifications in the press exclaiming Federal Housing Administration condominium requirements for recertifying projects were going to expire, which did nothing but cause a lot of people, including me, to scratch our collective heads, wondering what that was all about.
That deadline was to be Dec. 7, 2010; except when that date rolled around the FHA decided to extend the various recertification deadlines on a rolling basis through the end of 2010, most of 2011 and even into 2012.
Those who understood what was going on -- a group that admittedly didn't include me -- breathed a sigh of relief; everyone else was still picking at their scalps with their fingernails.
"There were 26,000 condominium developments that would have had to have been recertified by Dec. 7, 2010, and, in fact, my office sent out letters to almost every single one of these developments across the country telling them they were going to lose their approval. Most of them didn't even know," said Orest Tomaselli, CEO of White Plains, N.Y.-based National Condo Advisors LLC. more...