According to the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Administration (FHA) will not accept or process most condominium approvals or renewals during a federal government shutdown. Unless the Congress and President Obama agree to a temporary spending measure by midnight on September 30th, many federal agencies and departments will cease
Jean Bestafka – Renaissance at Manchester Vice Chair, New Jersey Legislative Action Committee It has been an exceptionally quiet summer for CAI-NJ at the Statehouse in Trenton. The Manager Licensing bill is still pending a discussion and vote in the Senate Budget and Appropriations Committee, thankfully none of the proposed generator bills have been posted
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
James Magid, CMCA, LSM, PCAM – FirstService Residential., AAMC Chair, CAI-NJ Legislative Action Committee New Jersey’s Supreme Court ruled recently that Governor Chris Christie lacked the authority to abolish the Council on Affordable Housing (“COAH”) under the Reorganization Act. According to a post on the State Street Wire, at issue is compliance with the Supreme
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
James Magid, CMCA, LSM, PCAM – Wentworth Property Management Corp., AAMC Chair, CAI-NJ Legislative Action Committee While the Statehouse was relatively quiet leading up to the primary election on June 4th, the Chapter took advantage of the down time to meet with leadership at the Department of Community Affairs. On May 14, 2013, our lobbyists
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
