Tag Archives: public

Community Associations and the IRS

We often get asked whether community associations can or do qualify as 501(c) organizations under the Internal Revenue Code.  Sometimes the question arises because the association derives too much income from sources other than assessments to file IRS Form 1120-H, and it is looking at way to...

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FHA Reignites Transfer Fee Battle

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...

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Legislators hear both views of HOA boards

Last year, the N.C. legislature appointed the House Select Committee assigned to gather input from the public and recommend changes to laws that affect HOAs. The committee held several public hearings last year, and we saw some legislation passed – House Bill 165, which I discussed in my Aug. 19 column found here: bit.ly/pPRA4K.

The committee held another public meeting again this week to seek input from homeowners on what changes, if any, are needed to the laws governing HOAs. Some 45 homeowners from across the state spoke at the meeting – some were board members, others were simply concerned homeowners.

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