April 15, 2020
Buying a new home can be a stressful, frustrating experience – buying a home during the COVID-19 is even worse.
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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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March 29, 2017
Introduction In Michigan the question of whether the common elements of a condominium are taxable appears to be well-settled. In Paris Meadows, LLC v City of Kentwood, 287 Mich App 136; 783 NW2d 133 (2010), the Michigan Court of Appeals held that pursuant to Section 131 of the Michigan Condominium Act, MCL 559.231, property taxes may only be assessed against…
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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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January 11, 2017
A home loan through the Loan Guaranty program of the Department of Veterans Affairs (“VA”) presents a real opportunity for U.S. veterans to purchase a home when they may otherwise not be able to do so. Benefits to a VA loan include lower interest rates, more flexible underwriting requirements, no down payment, and increased purchasing power. One potentially under-utilized way…
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November 29, 2016
CAI Files Comments on Proposed Regulations to Encourage a Process that Allows More Condominiums to Qualify for FHA Certification
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