August 1, 2023
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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May 1, 2023
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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January 6, 2022
In regards to the Champlain Towers condominium collapse, Fannie Mae and Freddie Mac have updated their 2022 lending guidelines.
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September 18, 2020
The Veterans Benefits Administration of the Department of Veterans Affairs (the “VA”) is a function of the United States government intended to help the country’s veterans and servicemen. One of the benefits provided by the VA is the VA home loan guaranty program. Through VA direct home loans and VA-backed home loans, the VA loan program is intended to make it easier for veterans, servicemen and their survivors to borrow enough money to buy,…
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February 15, 2019
In Michigan, the laws related to the governance of the formation and operation of condominium projects are found in the Michigan Condominium Act (the “Act”), MCL 559.101, et seq. MCL 559.205 of the Act requires a condominium association to maintain a “reserve fund,” to be set aside for major repair and replacement of the common elements.
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February 16, 2017
Many individuals and corporations, including community associations, are currently preparing their tax returns. For associations with excess revenue this process most likely involves a determination of whether to exercise an election under IRS Revenue Ruling 70-604. A proper election under Revenue Ruling 70-604 can be used to reduce an association’s taxable income by deducting from taxable income any excess assessments…
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