planned unit development (PUD)
A project or subdivision that consists of common property and improvements that are owned and maintained by an HOA for the benefit and use of the individual PUD unit owners. The unit owners in the project have title to a residential property (lot and structure) and an interest in the HOA that owns or manages the common areas and facilities of the PUD.
See links below for more Glossary Terms:
E-3, Glossary of Fannie Mae Terms: A thru K
E-3, Glossary of Fannie Mae Terms: L thru Z