Condo Delinquency Rate and Mortgage Approval Odds

My partner and I have been in the process of buying a 1 bedroom condo for $97,000. We put 5% down and are just steps away from closing. Upon receiving the standard HOA questionnaire, it became apparent that the condo has a delinquency rate of 24%. Our mortgage broker has advised us that this could be a problem and we are currently playing the waiting game as to whether we will actually be able to obtain a mortgage.

Some background about the HOA, the condo is a townhouse style development built in 1989 which was originally targeted towards lower middle class homebuyers in a distressed urban neighborhood and relied heavily on tax abatements as an incentive for purchase. Recently, this area has been going through somewhat of a boom and due to revitalization efforts, the community is increasingly getting better. At the same time however, tax abatements have been expiring over the last several years leading to a situation where many original buyers cannot afford the increased taxes and stop paying HOA fees.

We spoke to a longtime resident of the complex who advised us that the HOA had been laxed in pursuing liens and collecting in the past because. Recently however, the HOA has stepped up their collection efforts upon the realization that the neighborhood is suddenly valuable (proximity to NYC, influx of young professionals moving in, prices rising at 2% per month this year according to our realtor). The condo grounds are well maintained as well as the units (nothing dilapidated and/or falling apart) as of 2015 the condo has budgeted $134,000 to Reserve Contributions out of its $727,000 annual budget. My naturally optimistic view is that the delinquency rate will fall in the near future as a result of higher income owner's purchasing units due to the desirability of the condo's location.

I understand that purchasing this property exposes us and the lender to risk that an assessment will be levied on our unit and we also understand that such a high delinquency rate would make it harder to sell our unit in the future. However, the purchase still makes a lot of sense for us given the fact that comparable rent in the same area would be almost twice what we would be paying in mortgage,taxes,HOA,utilities, Interest etc. We know we will be staying put in the area for a while due to it's proximity to work and college.

Has anyone navigated this issue before? Any advice would be greatly appreciated.

TL:DR: Is this closing doomed?