November 22, 2022
The PKF O’Connor Davies article “Updated Fannie Mae and Freddie Mac Guidelines for Co-operative and Condominium Housing” discusses changes to lending practices in the wake of the Surfside, Florida condominium collapse.
Authors Samuel E. Botta and Paul B. Kruger mention that in response to the collapse, lenders are reconsidering their emphasis on structural integrity requirements for both co-ops and condominiums. One example of such regulation includes requiring “documentation received from regulatory and inspection agencies to make repairs due to unsafe conditions.” To see more of the new regulations and the full article, please find the link here.