Aging condo buildings and infrastructure has been a growing concern over the past several years. 

The Rapid Financing of Critical Condo Repairs Act of 2022 is legislation that allows the US Department of Housing and Urban Development’s Federal Housing Administration to insure condominium association building rehabilitation loans made by private lenders. 

Under the legislation, FHA-insured condo association loans may be used for the rehabilitation, alteration, repair, improvement, or replacement of a condominium project’s common systems, infrastructure, and facilities. 

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