The following update comes from Dawn Bauman at CAI's Government Affairs Blog:
There are approximately 145,000 to 155,000 condominium projects in the U.S., according to the Foundation for Community Association Research (FCAR). As of October 2016, 9,866 condominiums—less than 7 percent of condominium projects nationwide—were Federal
Developers in the City of Detroit recently announced a plan to open an eleven (11) story 83 unit luxury condominium complex in Detroit known as The Ashton Detroit. Construction is expected to start in 2017 and it is to be ready for occupancy by
As indicated back in February, the U.S. House of Representatives passed H.R. 3700 titled the "Housing through Modernization Act." The bill made revisions to the FHA condominium approval process (discussed below). On July 14, 2016, the U.S. Senate unanimously approved the bill and President Obama is
According to Community Associations Institute ("CAI"), a leading national community association organization, the U.S. House of Representatives will vote today on important changes to the Federal Housing Administration’s ("FHA") condominium project approval process. The changes to the FHA condominium project approval process are included in H.R.
I had the pleasure of attending the Community Association Institute (CAI) Advocacy Summit in Washington, D.C. earlier this week and talking with various legislators and their staff regarding issues that impact Condominium Associations. Three (3) major federal issues that will impact Condominium Associations and Homeowner Associations
With the exception of vacation condominiums or condominium hotels, residential condominiums are created with the intention that the co-owners will be owner occupants. However, the glut of foreclosures that occurred from 2007 to 2012 led many investors to purchase condominium units for rental purposes. Moreover,