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# II. Origination Through Post-Closing/Endorsement
## C. Condominium Project Approval
### 2. Project Eligibility
**Complete Condominium Project** refers to a Condominium Project consisting of Units that are Existing Less than One Year and that are ready for occupancy, including completion of all the Infrastructure of the Condominium Project, and not subject to further rehabilitation or construction.
**Complete Legal Phase** refers to a Legal Phase in which all Units are built out and all Units have a CO or the equivalent.
#### (B) Standard
The Condominium Project, or Legal Phase, as applicable, must be either a Complete Condominium Project or a Complete Legal Phase.
Form HUD-92541, Builder's Certification of Plans, Specifications, and Site, must be signed and dated. The completed form must show any issues noted by the builder/developer and proposed mitigation plans.
#### (C) New Construction Additional Requirements
##### (1) Financial Condition
If no Units have closed in the Condominium Project, a proposed budget is required.
All Financial Condition — Required Documentation is required if any Unit has closed.
Financial condition documentation for Condominium Projects operating less than one year must cover the operating period since the sale of the first Unit.
##### (2) Minimum Insurance Coverage
If no Units have closed in the Condominium Project, a builder’s policy is acceptable in lieu of Hazard Insurance, Liability Insurance, and Fidelity Insurance.
All minimum Insurance Coverage is required if any Unit has closed.
#### (D) Required Documentation
The following documents must be submitted:
- Form HUD-92541, signed and dated;
- Additional documentation demonstrating mitigation of any issues noted in form HUD-92541 including the State Licensed engineers’ (soil and structural) reports, designs, and/or certifications to ensure the structural soundness of the improvements and the health and safety of the occupants;
**Handbook 4000.1 807**
Last Revised: 01/10/2025