Contrary to its past position on FHA lending guidelines for condominiums, last Friday (July 15, 2016) the Senate passed the Housing Opportunity Through Modernization Act (HR 3700) , and it is now sitting on President Obama’s desk for signature. The Housing Opportunity through Modernization Act has three major components including amendments to (i)Go to Resource
Category: Legislative Miscellaneous
As the battle over the super lien heats up, not all banks are lining up to extinguish this obligation. Some banks are recognizing the importance of the super lien and are siding with community associations in the enforcement of super lien rights. Currently there are 23 states that have enacted some form ofGo to Resource
During the 2015-2016 federal legislative season, the Ham Radio lobby introduced H.R. 1301, a bill that seeks to prohibit associations from banning Ham Radio antennae in their communities. This bill has been vehemently opposed by CAI for various reasons, and recently the parties reached a compromise with respect to the language contained inGo to Resource
By now, most people are aware of the condominium certification requirements imposed by the FHA. In short, if a condominium community is not FHA certified, purchasers cannot utilize FHA financing to purchase a unit in such community. What does that mean in reality? It means many first-time home buyers are unable to purchaseGo to Resource
On March 3, 2016, Congresswoman Anna Eshoo (D-CA) and Congressman Mike Thompson (D-CA) introduced the “Helping Our Middle-Income Earners (HOME) Act.” The purpose of the HOME Act is to lighten the financial tax burdens on middle class Americans residing in covenant controlled communities. This is done by allowing qualifying individuals to deduct associationGo to Resource