The Federal Housing Administration recently announced plans to begin disqualifying condominium associations from FHA financing if an association charges a deed-based transfer fee at the time of sale. This puts FHA at odds with the Federal Housing Finance Agency, which earlier this year determined that such fees benefit community associations...
The Federal Housing Finance Agency in March issued its long awaited final rule on transfer fees, and it’s a big win for community associations.
FHFA initially proposed a regulation that would have banned federally backed mortgages for property in a community association with a deed-based transfer fee. As originally drafted, the proposed rule would have cut off nearly all mortgage funding for the 11 million housing units, roughly half of all community association housing, that have existing deed-based transfer fees. Over the past two years, CAI members worked diligently to gather data on transfer fees, submitted comments to FHFA and brought the issue to the attention of key lawmakers.
Do you hate board meetings? If your answer is yes, have you ever asked yourself why? Is it because everyone in attendance is not engaged or maybe you simply do you not care for the discussion topic? Maybe you find yourself spending more time wondering what everyone else is thinking and how that translates into their behavior. The latter is what we refer to as the psychology of meetings. Analyzing who participates in meetings and why, helps us understand how to conduct effective and productive meetings where everyone walks away feeling they have gained something in way of knowledge or perspective.
The Growth of Home-Based Businesses is forcing Many Condos to Update Their Bylaws
As the lingering effects of the “Great Recession” continue to influence the lives of countless average Americans, more and more displaced workers are turning to home-based businesses (HBBs) in an attempt to reverse sagging fortunes.
And as U.S. Small Business Admin-istration statistics indicate, over half of all small businesses begun in the last decade have been home-based – more than 24 million in real numbers – with a new home-based business being launched every 11 seconds.
They’re facts that should not be lost on many condo board members, some of which still preside over properties with express prohibitions against such activities. But should associationsmove to amend their governing guidelines, often requiring an amendment to the property’s declaration or master deed, to eliminate these provisions? Yes, say experts in both business and legal fields.