May 11, 2026
On March 18, 2026, Fannie Mae issued Lender Letter LL-2026-03 and updated its condominium lending guidelines. In addition to expanding the waiver of project review in condominiums with 10 or fewer units and retiring the limited review process on August 3, 2026, Fannie Mae’s 2026 condominium lending updates may significantly impact how condominium associations budget for reserves, maintain insurance, and…
Read More →
August 20, 2024
Did you know that Michigan’s HB 5019, a new bill pending in the Michigan House, aims to bring significant changes to the way condominium associations manage their reserve funds? Currently, Michigan law requires that condominium associations maintain a reserve fund for major repairs and the replacement of common elements. The state administrative code mandates that this reserve fund must be at…
Read More →
July 11, 2024
When managing a community association, the question of whether board members should receive discounts on their assessments can arise. While it might seem like a small gesture of appreciation for their volunteer service, there are several reasons why this practice is not in the best interest of the community. Legal and Financial Implications Financial Burden on Other Owners Discounting assessments…
Read More →
December 19, 2023
Introduction In a significant shift towards transparency, Fannie Mae, the Federal National Mortgage Association, has recently announced that it will make its once-secret “Condo Unavailable Projects and Phases Report” accessible to the public. The decision to make this report publicly available reflects a broader industry trend towards transparency, acknowledging the pivotal role that information plays in empowering consumers and fostering…
Read More →
November 1, 2023
Introduction Boards of Directors of community associations are often charged with the responsibility of maintaining the capital assets of the corporation and administering the community itself. This responsibility involves difficult decisions regarding the spending and raising of association funds, especially when it comes to capital improvement projects. Recently the Michigan Court of Appeals issued a decision in Walsh v Hawthorn…
Read More →
August 23, 2023
Preparing an annual budget is essential for the financial stability of community associations. However, not all associations know how to effectively create an association budget. To help you with this task, here are some guidelines that will make preparing your budget a straightforward process: Create a Budgeting Committee: While it’s the board’s responsibility to create the budget, assembling a committee…
Read More →
