234(c) loan

FHA-insured loan for the purchase of a condominium unit.If the unit is in a building converted from apartments to condos,no insurance will be provided unless (1) the conversion was more than one year earlier, (2) the potential buyer was a tenant before conversion, or (3) the conversion is supported by a tenant's organization that represents a majority of the households in the project. Eighty percent of FHA-insured mortgages in the project must be to owner-occupants. [Otherwise,it is similar to the 203(b) program.]

单词	234(c) loan
释义	234(c) loan 234(c) loan FHA-insured loan for the purchase of a condominium unit.If the unit is in a building converted from apartments to condos,no insurance will be provided unless (1) the conversion was more than one year earlier, (2) the potential buyer was a tenant before conversion, or (3) the conversion is supported by a tenant's organization that represents a majority of the households in the project. Eighty percent of FHA-insured mortgages in the project must be to owner-occupants. [Otherwise,it is similar to the 203(b) program.]
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