The Federal Housing Administration released a long-awaited revision of its condominium project approval guidelines on September 13th. The revisions to FHA condominium guidelines are contained in Mortgagee Letter 2012-18 and expire on August 31, 2014. FHA states it is making temporary adjustments to its condominium standards in response to market conditions. CAI has the new guidelines, Mortgagee Letter 2012-18,
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee Despite the summer heat wave, the Legislature in Trenton remains busy with all manner of bills being proposed, debated and voted upon in various committees. The Legislative Action Committee of the Community Associations Institute has been tracking and monitoring a number
On August 8, the Federal Housing Finance Agency (FHFA) requested public comment on the use of eminent domain authority by municipalities to seize mortgage loans for purposes of offering homeowners a reduced mortgage balance. The County of San Bernardino, California and the City of Chicago, among other municipalities, have expressed interest in eminent domain as
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee A lot depends on perspective. Depending on your perspective, recent news about the relative slowing in foreclosures is either good news or bad news. It is good news if your perspective is that there are fewer instances of mortgage default (and
Community Associations Institute has endorsed S. 3085, the “Responsible Homeowner Refinancing Act of 2012.” The legislation, spearheaded in the U.S. Senate by Senators Robert Menendez (NJ) and Barbara Boxer (CA), will help more homeowners with mortgages greater than the value of their home refinance and lower monthly mortgage payments. The housing and foreclosure crisis has
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee As you may recall from prior editions of this column, common ownership interest associations are simply non-profit corporations. We are organized and exist under various laws which govern how decisions are made. The watchword is autonomy. Recent stories in the news
Noting changes in housing development and modern housing preferences, CAI urged the Federal Housing Finance Agency, or FHFA, to recognize community associations as a distinct housing market. More than 60 million Americans live in 314,000 community associations nationwide, representing almost 20 percent of the American population. Writing on behalf of CAI members, Tom Skiba, CAI’s
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee Generally speaking, residential common ownership interest associations are non-profit corporations organized and existing under the laws of their particular state. As such, these corporations are governed by an elected board of directors. The elected board of directors then engages in the
Mr. Dick Pruess, long-time CAI member and chair of California’s Legislative Action Committee, told federal lawmakers that association homeowners suffer when lenders delay foreclosures, allowing delinquent owners to remain in their properties. The U.S. House of Representatives Financial Services Committee asked CAI to testify on a plan to sell real estate owned (REO) held by
Thomas C. Martin, Esq. Nowell Amoroso Klein Bierman, P.A., Chair, CAI-NJ Legislative Action Committee When in doubt – disclose. That is the watchword these days. We often hear about wanting more “transparency” and “disclosure” in government, financial institutions, campaign donors and the like. Regarding our common ownership interest associations, we are working with the legislators
