Michigan Condominium Act Amendments: Enhancing Financial Transparency and Security for Condo Associations In an effort to strengthen the financial stability of condominium associations in Michigan, the state legislature has introduced a bill to amend the Condominium Act of 1978. This amendment, specifically targeting section 105 (MCL
Enhancing Community Safety and Financial Planning: New Reserve Study Standards Community Associations play a vital role in managing and maintaining the shared assets of their members. However, ensuring the safety and longevity of these properties requires meticulous planning and budgeting. In response to the tragic incident
What Your Condo Association Needs to Know About the New Fannie Mae and Freddie Mac Lending Guidelines 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
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
The Surfside condominium collapse is one of the most unspeakable tragedies in condominium history. As investigators continue to search for the cause or causes of the collapse, it is natural to search for solutions on how future building collapses or other disasters can be prevented.
Introduction 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
