Fannie And Freddie's New Commercial Space Requirements

Law360, New York (August 12, 2016, 12:04 PM EDT) -- Within the past year, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation have each released updated requirements for approving mixed-use condominium projects. The most important change in those requirements relates to the calculation of commercial space in mixed-use condominium projects. Specifically, each agency has clarified that when calculating the percentage of commercial space in a project, you not only count the space in the legal condominium itself, but also in the building in which the project is located, even if the commercial space has separate ownership....

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