Condo Media - February 2017 - 13
Comments Filed on HUD
Proposed Regulations
Encourage a Process for More Condos to Qualify for FHA Certification
There are approximately 145,000 to
155,000 condominium projects in
the U.S., according to the Foundation
for Community Association Research
(FCAR). As of October 2016, 9,866
condominiums-less than 7 percent of
condominium projects nationwide-were
Federal Housing Administration (FHA)
certified. If a condominium project is
FHA certified, that means prospective
buyers interested in individual units
within a condominium may qualify for
an FHA insured mortgage. FHA insured
loans are a type of federal assistance and
have historically allowed lower income
Americans to borrow money for the
purchase of a home that they would not
otherwise be able to afford.
NEW PROPOSED RULE
The U.S. Department of Housing and
Urban Development (HUD) released a
new proposed rule to implement HUD's
authority under the National Housing Act
to set the basic standards condominium
projects must meet to be approved as
condominiums in which individual
units would be eligible for FHA insured
mortgages. The rule provides a method by
which certain approval standards could
be varied efficiently to meet market needs
while providing for public comment
where appropriate. Currently, singlefamily condominium project approval is
provided under HUD's Condominium
Project Approval and Processing Guide
and related Mortgagee Letters.
CAI reviewed and analyzed the proposed rule with a team of subject matter
experts in late 2016 and composed a
comment letter to represent the interests
of CAI member condominiums to ensure
appropriate access to FHA insured
mortgages in condominium projects. CAI
expects the final rule to be released in the
middle of 2017. CAI comment letter can
be found at www.caionline.org.
Protecting
Association Finances
Free Brochure for CAI-NE Members
tips for protecting
community
association
finances
One of the most important responsibilities for community association board
members is protecting community finances.
Volunteer boards of condominiums often perform a number of functions vital to
governing the association successfully, fostering community harmony, maintaining
common areas, and establishing and enforcing rules. The ability of the association to
perform these functions depends on its success as a business. And one of the board's
most important business functions is to ensure the association's financial well-being.
"Tips for Protecting Community Association Finances" offers 20 tips to help volunteers protect their community finances and is available for free to CAI-NE members
or for purchase at www.caionline.org. CAI-NE members can email info@caine.org for
your free copy.
February 2017
13
http://www.caionline.org
http://www.caionline.org
Condo Media - February 2017
Table of Contents for the Digital Edition of Condo Media - February 2017
Table Of Contents
Condo Media - February 2017 - Intro
Condo Media - February 2017 - BB1
Condo Media - February 2017 - BB2
Condo Media - February 2017 - Cover1
Condo Media - February 2017 - Cover2
Condo Media - February 2017 - Table Of Contents
Condo Media - February 2017 - 2
Condo Media - February 2017 - 3
Condo Media - February 2017 - 4
Condo Media - February 2017 - 5
Condo Media - February 2017 - 6
Condo Media - February 2017 - 7
Condo Media - February 2017 - 8
Condo Media - February 2017 - 9
Condo Media - February 2017 - 10
Condo Media - February 2017 - 11
Condo Media - February 2017 - 12
Condo Media - February 2017 - 13
Condo Media - February 2017 - 14
Condo Media - February 2017 - 15
Condo Media - February 2017 - 16
Condo Media - February 2017 - 17
Condo Media - February 2017 - 18
Condo Media - February 2017 - 19
Condo Media - February 2017 - 20
Condo Media - February 2017 - 21
Condo Media - February 2017 - 22
Condo Media - February 2017 - 23
Condo Media - February 2017 - 24
Condo Media - February 2017 - 25
Condo Media - February 2017 - 26
Condo Media - February 2017 - 27
Condo Media - February 2017 - 28
Condo Media - February 2017 - 29
Condo Media - February 2017 - 30
Condo Media - February 2017 - 31
Condo Media - February 2017 - 32
Condo Media - February 2017 - 33
Condo Media - February 2017 - 34
Condo Media - February 2017 - 35
Condo Media - February 2017 - 36
Condo Media - February 2017 - 37
Condo Media - February 2017 - 38
Condo Media - February 2017 - 39
Condo Media - February 2017 - 40
Condo Media - February 2017 - 41
Condo Media - February 2017 - 42
Condo Media - February 2017 - 43
Condo Media - February 2017 - 44
Condo Media - February 2017 - 45
Condo Media - February 2017 - 46
Condo Media - February 2017 - 47
Condo Media - February 2017 - 48
Condo Media - February 2017 - 49
Condo Media - February 2017 - 50
Condo Media - February 2017 - 51
Condo Media - February 2017 - 52
Condo Media - February 2017 - 53
Condo Media - February 2017 - 54
Condo Media - February 2017 - 55
Condo Media - February 2017 - 56
Condo Media - February 2017 - 57
Condo Media - February 2017 - 58
Condo Media - February 2017 - 59
Condo Media - February 2017 - 60
Condo Media - February 2017 - 61
Condo Media - February 2017 - 62
Condo Media - February 2017 - 63
Condo Media - February 2017 - 64
Condo Media - February 2017 - Cover3
Condo Media - February 2017 - Cover4
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