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ChrisP5 (Missouri)
Posts: 165
Posted:
Last year the FHA released new guidelines for condos stating that the MC also had to maintain coverage for the full amount that the association had in its accounts. I understand this created a significant problem as large management companies manage associations that could in aggregate have tens of millions of dollars.

I have recently read that the FHA has somewhat relaxed these guidelines but haven't found anything with the updated requirements. Can anyone point me to this information or provide any additional info?
NancyG3 (North Carolina)
Posts: 342
Posted:
Chris - Check with your Association insurance company or agency. Also check with your MC and confirm if they have a bond and in what amount. I would think you could go on the internet under FHA and find this information or call the FHA and ask them.

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