ELK GROVE ESTATES PARCEL C HUD Condo Approval Status (A006053/001 )

ELK GROVE ESTATES PARCEL C FHA-approval status (A006053/001) Last Updated

Condo / Submission ID:

A006053 / 001

Condo Name

ELK GROVE ESTATES PARCEL C

Address

LEICESTER ROAD
ELK GROVE VILLAGE, IL 60007

County

COOK

Approval

HRAP

Status

Rejected Other (specify in comments)
Rejected On: 2023-12-19

Concentration

2.63%

Composition

38 Buildings (4 units each), 152 Units. ** Parcel C, Doc# 22 100 598, 10/1972. **SINGLE UNIT APPROVAL. FHA CONCENTRATION RESTRICTED TO 10%**

Manufactured

Document Status

Recorded/Not Uploaded

Submitted

2023-12-19

Comments

Reject 12-19-2023 C.H

Fidelity Coverage is insufficient. The Insurance Coverage must be three months of aggregate 12 months assessments on the units plus reserve funds.
Management Co. must be included in Fidelity Coverage as insured.

Provide an official FEMA Map identifying Project Location.

A Management Agreement has been received however the Agreement must be signed and dated.

Provide explanation of other total Income identified on annual Budget.

Lease Restriction identified Article VII a. Restrictions as to Use and Occupancy. Requesting Approval by the Board. The Condominium Association may not require that a prospective tenant be approved by the Condominium Association and or its agents including but not limited to meeting creditworthiness standards.