(Washington, D.C.) The Community Home Lenders of America (CHLA) today made the following statement in response to Freddie Mac’s announcement that it is making it easier for lenders and condominium associations to know whether they are eligible for Freddie Mac loans – and to help non-eligible condo associations take the necessary steps to become eligible.
“CHLA commends Freddie Mac for its announcement regarding its Condo Project Advisor, under which Freddie Mac would provide more transparency to condo associations and lenders regarding which condo projects are eligible for Freddie Mac loans – and would provide assistance to both to help non-eligible condos become eligible. These are important steps to facilitate homeowner access to affordable mortgage loans for condos, one of the most affordable sectors of our housing markets.”
Today’s action by Freddie Mae tracks recommendations made in a joint letter by CHLA, the National Association of Realtors, and the Community Associations Institute in June which requested that the GSEs “should be required to make public their lists of condo projects ineligible for loan purchase, along with guidance as to the actions necessary to make them eligible.”