As if there were not enough bad news for condominium owners already, there is the fact that tomorrow marks a mass expiration of Federal Housing Authority and Fannie Mae project certifications for condo projects across the U.S.

To combat the possible exodus of eligible condo buildings, National Condo Advisors, a Westchester-based firm that streamlines the FHA-approval process for developers and owners, is holding a 24-hour application marathon to push through the torrent of re-certifications.

Without certification from the FHA or Fannie Mae, many condo buildings may find it much more difficult to sell their units, but many aren’t even aware that the certification is expiring, said Orest Tomaselli, CEO at National Condo. [more]

Steve Kliegerman, executive director of development marketing at Halstead Property, and Central Park Plaza at 1851 Adam Clayton Powell Boulevard in Harlem, which just gained FHA approval today

A temporary move to ease lending standards by the Federal Housing Administration has fueled hopes of a turnaround in New York’s residential housing market, as condominium developers have struggled to get financing for new buyers and fill thousands of unsold units.

Earlier this month, the agency announced that starting Dec. 7, it will lower the FHA pre-sale requirements for new condo buildings to 30 percent from 50 percent. In addition, the FHA will guarantee loans for 50 percent of a condo building’s units if the project meets strict underwriting standards.

“It completely changes the face of the New York City real estate market,” said Gary Goldman, president of National Condo Advisors, a Westchester-based firm that helps developers qualify for end-loan financing. “Now all these new construction buildings have a shot at getting some units closed.” [more]