Category: FHA

CAI Files Comments on Proposed Regulations to Encourage a Process that Allows More Condominiums to Qualify for FHA Certification

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 Housing Administration (FHA) certified. If a condominium project is FHA certified, that means prospective […]

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Factors to Consider in Maintaining and Maximizing the Value of Your Condominium

Introduction             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 2018.  The $35 million project is significant because it is the first free-standing condominium […]

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Quick Update: FHA Condominium Approval Legislation Unanimously Approved by U.S. Senate

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 expected to sign the bill into law. The following article is from Dawn M. Bauman from […]

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Quick Update: Proposed Changes to FHA Condominium Project Approval Process

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. 3700, the “Housing Opportunity Through Modernization Act”, bipartisan legislation authored by Rep. Blaine Luetkemeyer (R-MO) […]

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Federal Legislative Update for Condominium Associations: Amateur Radio Parity Act, FHA Certification and FEMA

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 are as follows: 1. Amateur Radio Parity Act of 2015 – H.R. 1301 & S. […]

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Condominiums and Renters: Does your Condominium Association need a rental cap?

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, the recovery of the housing market has also led many co-owners to move and rent […]

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