Brooklyn sees 105 FHA-approved condos

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Brooklyn has 105 Federal Housing Administration-approved condo buildings, according to the Apple Peeled blog, 11 of which have 30 percent or more of their residents taking advantage of FHA-backed loans. The building with the highest rate of participation, the Glenwood Square condo at 8602 Glenwood Avenue in Canarsie, has a 70 percent participation rate, while the 1142 Bedford Avenue condo in Bedford-Stuyvesant has 59 percent. The FHA program, which allows buyers in approved buildings to make smaller down payments, has been somewhat controversial with many industry experts concerned over its sustainability. Brooklyn has the most approved buildings of any of the boroughs, while Manhattan comes in a distant second place with just 32 approved buildings, according to the Apple Peeled. There are 16 such buildings in the Bronx, 10 in Queens and 11 in Staten Island, according to the U.S. Department of Housing and Urban Development. [The Apple Peeled]

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