The New Jersey Legislative Action Committee (NJ-LAC) is excited for this issue of Community Trends® focused on legislative updates and our work in that regard. We truly have a dedicated group, where each member of the committee takes an active role in participating in reviewing and drafting legislation, discussing legislation with lawmakers and the public,
As you may be aware, CAI-NJ has sought to overturn certain provisions of the Radburn Regulations through an appeal to the Appellate Division of the New Jersey Superior Court. The Court initially determined that the appeal was premature, and that CAI-NJ must first file a petition with the Department of Community Affairs (“DCA”) asking it
After the Champlain Towers tragedy in Surfside, Florida, state and local governments throughout the country began contemplating legislation that would prevent such a tragedy from re-occurring. In addition, CAI formed a national task force to develop building safety and structural integrity legislative models. Our Legislative Action Committee (LAC) also formed a building safety and structural
During May, legislative activity slowed down considerably due to budget negotiations. However, we expect activity to pick back up in the coming days and weeks. Currently, the LAC is addressing the following priority topics: Accessory Dwelling Unit (“ADU”) Legislation—There are various pending bills which have been introduced that are intended to make ADU housing easier
A hot topic in the industry has been new underwriting requirements by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Fannie and Freddie purchase the majority of residential home mortgages originated by banks. As such, they wield incredible influence in mortgage underwriting. In the aftermath of the
Green energy legislation is a hot topic in the New Jersey Legislature. Of particular interest to common interest communities (CICs) are various bills relating to electric vehicle (“EV”) charging stations. As many of you are aware, in October 2020 Governor Murphy signed into law an amendment to the Planned Real Estate Development Full Disclosure Act
Wednesday, May 18 | 4:00 pm – 7:00 pm Asbury Festhalle & Biergarten 527 Lake Avenue, Asbury Park, NJ 07712 Join us as we PAC the Rooftop with great food, drinks and networking! This is an event you don’t want to miss – meet and greet the members of the CAI-NJ Award-Winning Legislative Action Committee
OVERVIEW OF FANNIE MAE AND FREDDIE MAC Fannie Mae and Freddie Mac are known as government-sponsored enterprises (GSE), a quasi-governmental entity established to enhance the flow of credit to specific sectors of the American economy. Created by Congress, these agencies are privately held companies under the oversight of the Federal Housing Finance Agency (FHFA) to
The NJ-LAC has a plethora of new items on its plate due to legislation that was filed at the beginning of the new session and which we are still absorbing. Some of the more significant pieces of legislation that we are evaluating include: • S607 — Prohibiting conflicts of interest regarding common interest community (CIC)
We start January with some good news and some bad news. It is traditional to start with the bad news. In that connection, we are very frustrated that the Legislature did not approve an extension of immunity for COVID-19 related claims for common interest communities (CICs). The original bill was set to sunset on January
