From the boom/bust irony department: It appears that the slow down in hectic condo construction means less money to fund the leaky condo repair loan program from the Homeowner Protection Office. It’s apparently gotten so bad that the HPO is no longer funding leaky condo repair loans.
…Soloshy added that some residents are having extra problems because the HPO has not officially turned them down, but instead is keeping their applications in limbo.
She said this makes it difficult to re-approach other lenders, who will generally consider helping only after someone has been officially turned down by the HPO.
“I had a lot of difficulty proving to the military that HPO wasn’t returning my calls,” Barnes said of getting his military distress loan.
“All I needed was something saying they had run out of funding,” he said. “They wouldn’t even get back to me regarding that.”