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HUD San Juan To Increase The Number Of Approved Condos In Puerto Rico

HUD’s San Juan Field Office has joined forces to educate people on the benefits of condominium certification.

December 6, 2023

A popular product used by homebuyers in Puerto Rico is an FHA-insured loan which provides greater flexibility to the buyer and also the lowest down payments in the market. Buying a condominium is an attractive alternative for families while property costs continue to rise on the island. 

The Atlanta Homeownership Center (AHOC), Office of Single Family, and the Office of Field Policy and Management from HUD’s San Juan Field Office have joined forces to educate the key partners and stakeholders on the benefits of condominium certification and recertification by the federal housing administration. The team participated in a series of workshops and fairs as speakers and motivated and instructed citizens, administrators, and real estate professionals. 

The subject matter expert Yoel Sanchez played a pivotal role in educating and encouraging the participation of the industry to increase the number of certified condominiums. The presentations at the event guided the audience on the steps to submit a condo application for the first time to HUD and the changes related to recertifications. 

HUD, through its participation in the National Association of Hispanic Real Estate Professionals (NAHREP) educational panel, highlighted FHA’s condo public search web tools and their usefulness for real estate professionals in educating homeowners. These forums garnered substantial interest from industry professionals and leaders, leading to increased efforts in promoting FHA-insured condo applications. Over 100 local condo associations are now pursuing FHA condo recertification.

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The content provided in this article draws inspiration and includes quotes from various reputable sources, including news articles, government data, and interviews. Affordable Housing 411 strives to ensure accuracy and credibility, but the information presented may be based on some external sources. We encourage readers to refer to the referenced materials for more in-depth insights and verification.

 

Department of Housing and Urban Development. “HUD San Juan Walks The Extra Mile To Increase The Number Of Condos Approved By FHA In Puerto Rico”. Department of Housing and Urban Development, November 27, 2023, 

HUD San Juan walks the extra mile to increase the number of condos approved by FHA in Puerto Rico | HUD.gov / U.S. Department of Housing and Urban Development (HUD)

 

Last Updated: September 20, 2021