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What does this refer to "Affordable Housing (Article 5.12) units"?

by mtvhoa834 from American Fork, Utah. Oct 13th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

You will need to provide much more info.. I'm not sure what you are referring to.. Affordable housing is in regards HUD's attempt to provide housing for low income families.. but you need to be more specific in your question. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 14th 2015
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We are attempting to have our Senior Housing 55+ HOA condos qualified for FHA/HUD and have been asked to provide this info: "Affordable Housing (Article 5.12) units. Please obtain an attorneys letter verifying acceptance to FHA requirements. Clarification: Attorney to review your HOA documentation to ensure they meet HUD Guideline requirements for Affordable Housing and provide opinion letter stating such."Management Committee would like to have access to the Articles referred to so we can review them, too.Thank you for your reply and any light you can shed on this subject.Sherri ShepherdAmerican Fork, UT

Oct 14th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Ok... Now I understand.. When it comes to getting your project approved for FHA, there are certain guidelines that must be in place for your project to qualify.. Here's a link to HUD's booklet on how to get your project approved.. http://portal.hud.gov/hudportal/documents/huddoc?id=11-22mlguide.pdf There are also companies out there that specialize in doing all this work for you.. but it's a cost.. Here's a link to a company I found. http://www.fhaprosllc.net/ I've never used this company so I have no direct knowledge of whether or not they are good or bad, so I'm not endorsing them by any means, it's just a company I found that offers the service.. so be sure to do your due diligence in researching any company you hire for this task. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 14th 2015
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THANK YOU for sharing your expertise and time. I will gladly pass along your information.Blessings to you in Arizona!Sherri

Oct 14th 2015
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