Federal legislation was introduced earlier this week to provide condominium associations access to insured building rehabilitation loans—a move that would help board members make critical structural and safety-based condo repairs.
Fannie Mae and Freddie Mac issued new requirements to secure loans in condo buildings. The guidance relates to structural integrity and financial stability and is in response to the condominium collapse in Surfside, Fla., in late June.
In the months following the condominium collapse in Surfside, Fla., CAI convened community association leaders, experts, and key stakeholders to identify public policy recommendations for reserve studies and funding, building maintenance, and structural integrity.
Following the Surfside condo collapse this summer, Fannie Mae recently released new building project requirements for its loans. CAI breaks down the key requirements of the guidelines effective Jan. 1.
CAI’s Government and Public Affairs Committee is considering policy reform recommendations that address building inspections, reserve studies, and reserve funding plans in the wake of the devastating collapse of Champlain Tower South condominium in Surfside, Fla., in late June.