Tag Archives: issued

FHA Issues Waiver on Leasing Restrictions

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

Leasing restrictions have been one area of the FHA condominium guidelines that has caused problems for associations seeking to get FHA approvals. CAI has brought this issue to FHA’s attention and has petitioned FHA to review these criteria. On March 18, 2011, FHA issued a waiver that will provide greater flexibility on leasing restrictions under the FHA condominium insurance program. This means that many condominium associations whose FHA approval was rejected due to rental restrictions may now qualify under the FHA waiver
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FHFA ISSUES MAJOR REVISIONS TO DEED-BASED TRANSFER FEE PROPOSAL

The Federal Housing Finance Agency (FHFA) has issued a revised draft of their proposed regulation on deed-based transfer fees. Their revisions reflect the comments expressed by CAI and its members. CAI expressed strong concerns over FHFA’s assertion that such fees do not benefit community associations. The new draft proposal will be open for public comment for 60 days and CAI will follow up with a full analysis and sample comments.

 

In August of 2010, FHFA issued draft guidance which would have prohibited Fannie Mae and other mortgage finance entities from purchasing any mortgage for property with a deed-based transfer fee. FHFA included deed-based transfer fees charged community associations. Since nearly half of all community associations charge such fess, the proposal, if adopted, would have rendered up to 11 million homes in community associations unmarketable by cutting off most mortgage financing.

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TX: “Bully” HOA president ousted

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

The president of the Ventura Homeowners Association is out of a job… at least for now. A judge has issued a temporary restraining order removing Lisa Pfeiffer from the HOA’s board of directors.
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