The Federal Housing Finance Agency’s (FHFA) March 15 final rule on deed-based transfer fees was a huge victory for community associations across the country. FHFA’s initial proposal would have banned federally backed mortgages for any property in a community association with a deed-based transfer fee. As originally drafted, the rule would have cut off nearly all mortgage funding for 11 million housing units—almost half of all community association housing—in associations that have transfer fees. CAI members and staff worked for two years to gather data on transfer fees, submit comments to the FHFA and bring the issue to the attention of key law makers. The final rule shows those efforts were an enormous success. See the final rule.
Orignially posted by CAI National.