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
In Michigan, two primary statutes govern the affairs of a condominium association: the Condominium Act and the Nonprofit Corporation Act. The last major revisions to the Nonprofit Corporation Act took place in 2008 through Public Act 9 of 2008, which permitted voting by electronic means,
As the housing market continues to slowly recover from the foreclosure crisis in Michigan, and other areas of the country, many community associations are still facing significant challenges with unit owners who file for personal bankruptcy. Numerous unit owners are beginning to utilize an old
The Federal Housing Administration (“FHA”) is a government-owned and operated insurance company which was established by the National Housing Act of 1934. FHA insures home loans for buyers who typically cannot afford a conventional down payment. To be clear, FHA does not lend taxpayer money
The Michigan Condominium Act was amended in 2014 to impose additional requirements on condominium associations with respect to financial record keeping and encourage transparency. Prior to 2014, the annual audit or review of an association’s books, records and financial statements did not need to be
In the past 5 years, community living associations, such as condominiums, co-operatives and homeowner associations, are increasingly being inundated with requests for accommodations for emotional support and companion animals. Many board members and co-owners feel that their neighbors are claiming a disability simply to get
