The Surfside condominium collapse led to significant reform in the condominium lending industry. In Lender Letter LL-2021-14, Fannie Mae and Freddie Mac implemented temporary lending guidelines in 2021 for condominium purchasers that desired to secure a mortgage as was previously discussed in Prepare your Condo for the new Fannie Mae and Freddie Mac Lending Requirements. At the request of FHFA,…
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Nearly 2 years after the Surfside collapse, the New York Times recently reported that a 35-unit condominium in North Bay Village, Florida was ordered to be evacuated after an engineer deemed the condominium to be structurally unsound. The engineering report provided to North Bay Village officials indicated that the Majestic Isle Condominium had serious structural issues due to termites and…
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Should your condo or HOA should use ChatGPT for legal advice? Read this article to find out how ChatGPT stacked up against an HOA attorney.
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Has your condominium or homeowners association encountered a request for an emotional support animal under the Fair Housing Act? If not, you are likely to encounter a request in the future as requests for emotional support animals in community associations have been on the rise in recent years. HOAs and condo associations are subject to the Federal Fair Housing Act…
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HOA short-term rental restrictions continue to remain a hot button issue for municipalities, property owners, and homeowners associations in Michigan. During the 2021-2022 legislative session, numerous short-term rental bills, specifically HB 4722, HB 4985, HB 5465, HB 5466, HB 5605, SB 446, and SB 547, were introduced in the Michigan legislature that attempted to define short-term rentals for zoning purposes,…
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Unfortunately, financial crime has been on the rise in condominium and homeowners associations. Over the past year, there have been numerous reports from around the country of directors, officers, and property managers of community associations embezzling funds. Examples of alleged financial crimes against homeowners associations that have recently been reported in 2022 are as follows: In Florida, several current and…
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