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Frequently Asked Questions

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 byFHA, VA or HUD184, is it still eligible for AHFC
financing?

A. Yes. FHA, VA or HUD184 insured loans may be sold to AHFC
without projectapproval. Borrowers must acknowledge
the project is not accepted byAHFC 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
findthe list of accepted associations; Common Interest
CommunityGuide; and all forms pertaining to the requirements for
Initial ProjectAcceptance: New Construction or Existing Construction,
Reacceptance, or SubsequentPhase additions.

Q. Do PUDs or Planned Communities require AHFC approval?
A. No. AHFC does not review or track these types of Common
InterestCommunities. 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 beowned by
anindividual, 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 propertymanagers, 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 subsequentphases. 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
professionalProperty Manager?

A. An association can be self-managed.