|Established condo project
||A project for which all of the following are true:
- at least 90% of the total units in the project have been conveyed to unit purchasers;
- the project is 100% complete, including all units and common elements;
- the project is not subject to additional phasing or annexation; and
- control of the HOA has been turned over to the unit owners.
A project may also be treated as an established project with less than 90% of the units sold to unit purchasers, provided the deficit is the result of the developer holding back units for rent. The following requirements must be met:
- construction is 100% complete;
- the project is not subject to any additional phasing or annexation, and the HOA has been turned over to the unit owners;
- the developer’s share of the units held back for rental is no more than 20% of the project’s total units;
- HOA fees are paid current in developer-held units; and
- there are no active or pending special assessments in the project.
|New condo project
||A project for which one or more of the following is true:
- fewer than 90% of the total units in the project have been conveyed to unit purchasers (or 80% if it meets the exception noted in the row above);
- the project is not fully completed, such as proposed construction, new construction, or the proposed or incomplete conversion of an existing building to a condo;
- the project is newly converted;
- the project is subject to additional phasing or annexation; or
- HOA still in the developers control.
For additional information, see B4-2.1-01, General Information on Project Standards.