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)
2020-2021 End of Legislative Session Report Community Associations Institute’s (CAI) New Jersey Legislative Action Committee (NJ LAC) had a busy legislative session advocating on behalf of the approximately 1,459,000 New Jerseyites living in 545,000 homes in more than 7,000 community associations. The New Jersey General Assembly introduced hundreds of bills during their 2020-2021 session,
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
I am honored to have been elected as Chairperson of the NJ Legislative Action Committee for the next two years and will do my best to keep the 2019 LAC of the Year on our current track of effective advocacy. Also, congratulations are in order for Ed San George, PCAM of Integra Management Corporation, AAMC
A Changing of the Guard… This month marks the conclusion of my four years serving as Chair of your CAI Legislative Action Committee – NJ. I now turn over the reins to my colleague Matt Earle, a partner in the law firm of Kates, Nussman, Ellis, Farhi & Earle LLP in Hackensack. The LAC will
