The Secretary of HUD will have discretion to revise the current condominium requirements under the new Section of the Act.
I'm not kidding, that's it! Apparently before, HUD was stuck with rigid rules mandated by Section 234 of the Act; NOW, Section 203(b) gives them much more control.
So here we are, knowing NOTHING for sure. But everybody keeps asking about the new condo rules, and I DO know something...
The following information came from Jim Beavers, Deputy Director of Single Family Development at HUD.
(HR3221, Sec. 2117. Insurance of Condominiums. Housing and Economic Recovery Act.)
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