Following the real estate collapse in 2008 and subsequent recession, the United States Department of Housing and Urban Development ("HUD") and the Federal Housing Authority ("FHA") imposed detailed and restrictive requirements in order for the FHA to provide mortgage insurance on condominium loans. As a result, many condominiums were no longer in compliance with FHA regulations, and potential buyers could not qualify for the much more attractive FHA and other governmentally backed financing. The downturn in the real estate market and buyers' increased difficulty in obtaining condominium financing contributed to large financial institutions shifting their focus from financing development of condominiums to financing apartment projects. read more