There are two project approval processing options available – the HUD Review and Approval Process (HRAP) or the Direct Endorsement Lender Review and Approval Process (DELRAP). Condominium project approval packages are submitted, processed and reviewed under one of the available options to determine eligibility of projects for insurance of a single unit condominium to be under an FHA mortgage. Condominiums have complex legal, financial and other documents that require review to assure FHA that the condominium project is stable with the expectation that the status will remain unchanged.
EO: EO 13878 Name/Subject of EO: Establishing a White House Council on Eliminating Regulatory Barriers to Affordable Housing
This revision to the existing Information Collection allows HUD to remain compliant with the Paperwork Reduction Act and to determine the eligibility of condominium projects for approval and units in approved and unapproved condominium projects for FHA-insured financing: These changes help to:
• Remove barriers to affordable homeownership and expanding the pool of properties that may be eligible for FHA-insured financing
• Provide more opportunities for credit worthy homebuyers and
• Reduce the regulatory burden and meet the growing needs of the housing industry.
$1,034,865
No
No
No
Yes
No
No
No
Kristen Stierwalt-Huff 202 402-4352
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.