Frequently Asked Questions - Condominiums

Q. What is the owner/occupancy percentage allowed by AHFC?
A. AHFC does not have an owner/occupancy requirement for an Association
to be on the accepted list.

Q. If a project is not on the AHFC accepted list or in an Expired
status, but is approved by FHA, VA or HUD184, is it still eligible for AHFC
financing?
A. Yes. FHA, VA or HUD184 insured loans may be sold to AHFC
without project approval. Borrowers must acknowledge
the project is not accepted by AHFC by signing a form.

Q. Where can I find a list of all the AHFC accepted condominium
associations?
A. On the AHFC website: Condo Project List. Here you will
find the list of accepted associations; Common Interest
Community Guide; and all forms pertaining to the requirements for
Initial Project Acceptance: New Construction or Existing Construction,
Reacceptance, or Subsequent Phase additions.

Q. Do PUDs or Planned Communities require AHFC approval?
A. No. AHFC does not review or track these types of Common
Interest Communities. However, AHFC does make loans on PUD's.

Q. How many units can one person own in an association?
A. AHFC does not set a limit to the number of units which can be owned by
an individual, nor is owner occupancy required. However, to get an AHFC
loan, the unit must be owner occupied.

Q. What is the delinquency rate for regular dues allowed by
AHFC?
A. No more than 15% of unit owners can be over 60 days late in
regular dues.

Q. Is our association required to carry a Fidelity Bond?
A. Yes. Anyone who handles the funds for an association,
including property managers, must have this coverage.

Q. What is the pre-sale requirement for newly built
condominium projects?
A. There is a 50% presale requirement for the first phase and for
all subsequent phases. However, a multi-unit owner is only
counted as a one unit sale.

Q. Can our association be self-managed or do we need a
professional Property Manager?
A. An association can be self-managed.