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.

In the past, many condominium attorneys would structure projects to avoid...

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