Federal Housing Finance Agency Publishes Rule Regarding Capital Contributions, Membership Fees, Flip Taxes, Transfer Fees, etc.

in how those with new transfer fees manage non-resident use of common property or elements. The rule has not yet been finalized or put in place, such that the public can still comment on it. This proposed rule, to the extent that it restricts how funds from new transfer fees can be used, does not likely adhere to established property law. Generally speaking, community associations have the right to raise revenue and use this revenue the way their owners and leadership determine. Until April 11, 2011, citizens are permitted to submit comments to the Federal Housing Finance Agency as follows:

– E-mail: Use the address, regcomments@fhfa.gov, and include the following in the subject line of the e-mail: FHFA Proposed Rule on Certain Private Transfer Fee Covenants, (RIN) 2590-AA41
– U.S. Mail: Use the following address to send comments by U.S. Mail:
     Mr. Alfred Pollard
     General Counsel
     Federal Housing Finance Agency
     1700 G Street, NW
     Washington DC 20552
     ATTN: Public Comments: FHFA Proposed Rule on Certain Private Transfer Fee Covenants, (RIN) 2590-AA41
– Federal E-Rulemaking Portal: Go to www.regulations.gov and follow the instructions provided to submit your comments electronically.

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