Guidelines for Preparing Your Association Budget Preparing an annual budget is essential for the financial stability of community associations. However, not all associations know how to effectively create an association budget. To help you with this task, here are some guidelines that will make preparing your
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
Michigan Court of Appeals Holds that Short-Term Rentals Violate Residential Use Restrictions Since 2004, the Michigan Court of Appeals has repeatedly determined that short-term rentals within Michigan communities that are subject to residential, business, and commercial restrictions are prohibited because they are commercial activities that
Is a Michigan Condo or HOA Liable for Criminal Acts of Third-Parties? Whether there is an increase in violent crime or an increase in reporting and coverage of crime, it seems that our lives are constantly being inundated and interrupted with reports of violent activities.
Can You Pay Directors and Officers of a Michigan Condominium or Homeowners Association? It is common for a condominium association’s master deed and bylaws or a homeowners association’s declaration to address compensating board members. Usually, such a provision will either expressly disallow any compensation or
