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 cutGo to Resource
Category: National Legislation
Andrew Fortin recently met with the Acting Head of FHA, Carol Galente and reports that there is some positive movement on the issues that CAI has been raising with FHA related to the condominium project approval process and standards. Click here to read more about the details of this meeting. And, as alwaysGo to Resource
Over the past few months we have experienced some push back from FHA regarding some communities seeking FHA approval or recertification where the Association has a pending loan or where the association has pending repairs in the community resulting from a construction defect claim. While there are no written guidelines or restrictions prohibitingGo to Resource
Most of the new guidelines set forth in the new Condominium Project Approval and Processing Guide became effective June 30, 2011, including provisions regarding new insurance requirements for associations and management companies. One problematic provision in the new guidelines is the requirement in Section 2.1.9 which states that any homeowners association engaging theGo to Resource
The House Financial Services Committee’s Subcommittee on Insurance, Housing and Community Opportunity hosted a hearing on September 8 examining the role of FHA in the mortgage markets. Acting FHA Commissioner Carol Galante testified to FHA’s role in the post crash housing market and noted progress made by FHA in ‘improving’ the condominium insuranceGo to Resource