source:
  type: guide
  id: fnma-sel-b4-2.3-01
  authority: Fannie Mae Selling Guide B4-2.3-01 — Eligibility Requirements for Units
    in PUD Projects
  description: Fannie Mae Selling Guide B4-2.3-01 — Eligibility Requirements for Units
    in PUD Projects.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-2.3-01-full
  canonical_id: fnma-sel-b4-2.3-01-full
  section: Fannie Mae Selling Guide B4-2.3-01 — Eligibility Requirements for Units
    in PUD Projects
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-2.3-01 — Eligibility Requirements for Units
      in PUD Projects
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B4-2.3-01, Eligibility Requirements for Units in PUD Projects
      (12/10/2025) Introduction This topic contains information on PUD projects, including:
      PUD Project Requirements Eligibility Requirements for Units in PUD Projects
      Uniform Appraisal Dataset (UAD) 3.6 Policy Published May 6, 2026 684 PUD Project
      Requirements For a project to qualify as a PUD, all of the following requirements
      must be met: each unit owner’s membership in the HOA must be automatic and nonseverable,
      the payment of assessments related to the unit must be mandatory, common property
      and improvements must be owned and maintained by an HOA for the beneﬁt and use
      of the unit owners, and the subject unit must not be legally created as part
      of a condo or co-op project. Zoning is not a basis for classifying a project
      or subdivision as a PUD. Units in projects or subdivisions simply zoned as PUDs
      that include the following characteristics are not deﬁned as PUD projects under
      Fannie Mae’s policies. These projects have no common property and improvements,
      do not require the establishment of and membership in an HOA, and do not require
      the payment of assessments. Fannie Mae classiﬁes PUD projects as either Type
      E—established PUD projects in which the developer has turned over voting control
      of the HOA to the unit purchasers. Type F—new PUD projects in which the developer
      has not turned over voting control of the HOA to the unit purchasers. Certain
      PUD projects require submission to PERS. See B4-2.2-06, Project Eligibility
      Review Service (PERS) for additional information. New or established PUD projects
      consisting of single-width and/or multi-width manufactured homes not subject
      to a community land trust, deed restriction, ground lease, or shared equity
      arrangement may be reviewed in accordance with B4-2.1-02, Waiver of Project
      Review. Eligibility Requirements for Units in PUD Projects Lenders must determine
      that the PUD project and subject unit meet the requirements described in Requirements
      Applicable to All Properties in a Condo, Co-op, or PUD Project in B4-2.1-01,
      General Information on Project Standards. Note: Any unit legally created as
      part of a condo or co-op project located within a larger PUD project or master
      association must meet the applicable requirements for condo or co-op projects.
      For additional information applicable to PUD projects subject to a ground lease,
      see B2-3-03, Special Property Eligibility and Underwriting Considerations: Leasehold
      Estates. Uniform Appraisal Dataset (UAD) 3.6 Policy Lenders using UAD 3.6 must
      follow the requirements in the UAD 3.6 Policy Supplement. Published May 6, 2026
      685 Recent Related Announcements The table below provides references to the
      Announcements that are related to this topic. Announcements Issue Date Announcement
      SEL-2025-10 December 10, 2025 Announcement SEL-2024-07 November 06, 2024 Announcement
      SEL-2021-02 March 03, 2021'
  judgment: false
