With the implementation of the latest requirements from the Federal Housing Administration (FHA) requiring that rentals be under a certain percentage of the total number of units/homes in Homeowners Associations and Condominium Associations for buyers to qualify for FHA backed loans, many communities have opted to amend their governing documents to institute a Rental or Lease Cap.
Community Association Management has developed a new service in response to the need for administrative management of these rental caps. This service is designed to take the burden off of the board in managing and assist in the enforcement of the rental cap.
This new service allows both the association and the management company to stay on top of who is occupying the units, ensure that we are in compliance with the CCR’s and ensure your
community can qualify for FHA backed loans by staying under the required FHA rental cap.
For more information or to sign up, please contact your property manager.
Please note, currently this service only applies to communities with rental caps. If your association only has lease submission requirements, but not a cap on the number or percentage of rentals, this service does not apply.