FHA Backing Manhattan Luxury Condos


Inquiring minds are reading Bloomberg’s “Manhattan Luxury Condos Try FHA…” and remembering when the FHA was supposed to help the underprivileged:

Whitney Gollinger, marketing chief for a Manhattan condo building with an outdoor movie theater and panoramic city views, is highlighting a different amenity to spur sales: the financial backing of the federal government.

The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development, known as Tempo. That enables buyers to make a down payment of as little as 3.5 percent in a building where apartments are listed at $820,000 to $3 million.

And the original mission of FHA?

The FHA, created in 1934 to make homeownership attainable for low- to moderate-income Americans, is now providing a lifeline to new Manhattan luxury condominiums after sales stalled.

We just need a little more government.

Actually the entire article is worth the read. If for nothing else, just to learn of the incredible amenities available in upscale NYC condos.

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