Matthew Earle, Esq., & Steven Mlenak, Esq.
NEW JERSEY LEGISLATIVE ACTION COMMITTEE
HMFA Agreed to Fully Withdraw its Proposed Regulations as they Relate to Common Interest Communities
As you may recall, earlier this year, the New Jersey Housing and Mortgage Finance Agency (HMFA) proposed new regulations that would have had a significant impact on common interest communities across the state. Among other provisions, the proposed rules would have capped and/or prohibited certain common expense assessments and special assessments for affordable unit owners, effectively requiring all other owners within a community to subsidize those units.
CAI-NJ, together with our New Jersey Legislative Action Committee (NJ-LAC), took swift and decisive action in opposition to these regulations. We submitted a comprehensive comment letter outlining our concerns (CLICK HERE), engaged directly with key legislators and regulators through our lobbying firm, MBI-GluckShaw, and called upon our members to make their voices heard through public comments. You answered that call in a powerful way.
We are pleased and proud to report that yesterday, the HMFA agreed to fully withdraw its proposed regulations as they relate to common interest communities.
This outcome represents another significant win for CAI-NJ, the LAC, and, most importantly, the communities we serve. As is often the case, the most impactful advocacy work happens behind the scenes, preventing harmful legislation or regulations from ever taking effect. While those efforts may not always make headlines, they are critical to protecting the financial stability, governance, and fairness of common interest communities throughout New Jersey.
Thank you for your engagement, support, and advocacy. This victory underscores the importance of a strong, unified CAI-NJ membership and an active LAC. Together, we will continue to monitor regulatory activity and stand ready to act when the interests of our communities are at stake.