On August 15th, Freddie Mac announced a new policy for payment of association assessments in States with association lien priority. Under the new policy, Freddie Mac is setting aside its prior 6 month limit on payment of association assessments, pre-foreclosure sale, in favor of a new reimbursement schedule. Mortgage servicers paying association assessments in priority […]
CAI members impacted by Hurricane Sandy and other Presidentially-declared natural disasters face high recovery costs as local governments are being denied Federal Emergency Management Agency (FEMA) reimbursement for debris removal and other disaster recovery expenses in community associations. Community associations−condominiums, homeowners’ associations, and cooperatives−are a growing form of housing and represent 1 in 5 homes […]
Community Associations Institute (CAI) is applauding a just-released Federal Housing Administration (FHA) statement that should provide relief to Americans trying to obtain FHA-insured mortgages to purchase condominiums. The FHA guidance allows condominium associations to qualify for FHA certification, thus giving buyers the opportunity to purchase homes in those communities. CAI had urged FHA to offer […]
Senators Introduce Bipartisan Legislation to Replace Fannie Mae, Freddie Mac Led by Senators Bob Corker (R-TN) and Mark Warner (D-VA), a bipartisan group of eight U.S. Senators has introduced legislation that if signed into law will make dramatic changes to the nation’s housing finance system. The “Housing Finance Reform and Taxpayer Protection Act of 2013” proposes to […]
On June 18, 2013, Community Associations Institute (CAI) submitted a report to the U.S. House Financial Services Committee Subcommittee on Financial Institutions & Consumer Credit called, “Examining How the Dodd-Frank Act Hampers Home Ownership.” The Subcommittee’s hearing focused on the Consumer Financial Protection Bureau’s Qualified Mortgage (QM) rule, which implements key mortgage lending reforms required […]
FHA Rules Common Condo Leasing Restriction Violates National Housing Act CAI has learned the Federal Housing Administration (FHA) has determined a common restriction on transient leasing in condominium association CC&Rs violates a key section of the National Housing Act. To be eligible for FHA approval and recertification, FHA is advising condominium associations to amend CC&Rs […]
NEW DEVELOPMENT REGARDING FURNACE EFFICIENCY STANDARDS Ronald L. Perl, Esq., CCAL, Partner, Hill Wallack LLP, Chair CAI Federal Legislative Action Committee You will recall that we have been reporting on a settlement of a lawsuit challenging the U.S. Department of Energy’s new furnace efficiency standards. There is an agreement to scrap the standards, which would […]
CAI members impacted by Hurricane Sandy are facing high recovery costs as local governments are being denied Federal Emergency Management Agency (FEMA) reimbursement for debris removal and other disaster recovery expenses. Congress must be made aware that additional resources and flexibility for FEMA to fully respond to the aftermath of natural disasters must be made […]
With a new Congress sworn in and the pageantry of President Obama’s inauguration passed, CAI is moving aggressively in Washington, DC to make sure your voice is heard. The road ahead for CAI’s federal affairs agenda includes fairness in disaster recovery for community associations and preparing for the central role associations will play in new […]
On January 10, the Consumer Financial Protection Bureau (CFPB) released its long-awaited federal Qualified Mortgage (QM) standard. The new federal guidelines, which are required by the Wall Street Reform and Consumer Protection Act (commonly known as the Dodd Frank Act), establish minimum requirements for all mortgage loans. As anticipated, the QM standard considers community association […]
