What makes a community a PUD

[berad]

I'm doing an appraisal on property that's located on a scattered lot. The underwriter insists it's located in a PUD. There's no HOA dues, no HOA, no declaration of PUD , there are no common amenities, no community restrictions. I don't considered this a PUD. I've done appraisals in this community for 15 years and have never had this issue. What makes a community a PUD?

 

[Dublin ohio]

According to Fannie. Everything you do not have.

B4-2.3-01, Eligibility Requirements for Units in PUD Projects (03/03/2021)

This topic contains information on PUD projects, including:

selling-guide.fanniemae.com

 

[Fernando]

Very simple. Look at the Title report. Your're welcome.

 

[berad]

Thank you.

 

[Fernando]

Years ago a good lender I liked requested all condo appraisals to supply information on HOA and other additional information which I thought was beyond my pay grade.
I could have asked for additional fee but I blacklisted condo appraisals from that lender.

 

[KHS445]

A PUD is a form of zoning, generally a PUD designation will allow exceptions to the existing zoning ordinance. It may allow the clustering of housing on smaller lots, adjust setbacks, etc. than normally permitted in exchange for things like larger green areas, street configurations, installation of utilities, etc. Several years ago our local Planning Commission and City Council allowed a 5 story franchise hotel to be built in a R-1 Low Density Residential area. Setbacks were changed, on-site parking requirements were amended, light bleed and noise control were adjusted.

 

[Dublin ohio]

Very simple. Look at the Title report. Your're welcome.

Most of the time the title report is not available prior to the appraisal.

 

[Fernando]

Over here closer to Silicon Valley jobs, few home developments. Thus developers build PUDs since governments don't want to pay infrastructures like streets and common greenery.
HOA is shifting costs to homeowners.

 

[Raven59]

I'm doing an appraisal on property that's located on a scattered lot. The underwriter insists it's located in a PUD. There's no HOA dues, no HOA, no declaration of PUD , there are no common amenities, no community restrictions. I don't considered this a PUD. I've done appraisals in this community for 15 years and have never had this issue. What makes a community a PUD?

The definition of a PUD can vary between clients. Fannie Mae does not follow the traditional definition, while the VA does. A true PUD involves shared ownership rights. Fannie Mae considers enforceable HOA fees as a basis for a PUD, which is not consistent with the definition.

 

[Dublin ohio]

A PUD is a form of zoning, generally a PUD designation will allow exceptions to the existing zoning ordinance. It may allow the clustering of housing on smaller lots, adjust setbacks, etc. than normally permitted in exchange for things like larger green areas, street configurations, installation of utilities, etc. Several years ago our local Planning Commission and City Council allowed a 5 story franchise hotel to be built in a R-1 Low Density Residential area. Setbacks were changed, on-site parking requirements were amended, light bleed and noise control were adjusted.

PUD zoning does not necessarily make a subdivision a PUD. At least not around here