Q: I am on my HOA’s board of directors. From time to time HOA members request HOA information, and I know under N.C. laws that nonprofit corporations must maintain certain records and make them available for inspection by HOA members. Do executed contracts between the HOA and vendors fall under this right to inspection? I am all for openness and transparency in HOA affairs, but I also have a duty to properly manage the affairs of the HOA. I want to be sure before allowing a member to inspect a contract.
If your community association’s to-do list runs on for pages, it’s hard to know where to start. Especially when you have more issues than time or money to resolve them.
Authors: Community Associations Network National
In December, Federal Housing Administration approval of condominiums began to expire. FHA approved mortgages account for an estimated 40 percent of financing in condominiums. Without FHA approval, owners may have a hard time selling their units. HUD is administering the new approval process and insurance requirements, which are set forth by Mortgagee Letter 2009-46 B.