In July, Fannie Mae and Freddie Mac released updates to project eligibility standards for condominiums and housing cooperatives. It is critically important for condominium and housing cooperative projects to have access to loans that will meet Fannie Mae and Freddie Mac qualifications. CAI continues to provide specific feedback regarding the requirements.
The partial collapse of Champlain Towers South condominium in Surfside, Fla., on June 24, 2021, killed 98 people and is considered one of the worst building disasters in U.S. history. The tragedy spurred CAI into action, galvanizing members and staff around condo safety. Over the past two years, CAI has educated community association residents, board members, managers, business partners, legislators, and regulators about structurally sound and fiscally responsible communities.
Aging condominium buildings and infrastructure has been a growing concern over the past year, following the tragic partial building collapse at Champlain Towers South Condominium Association in Surfside, Fla., in June 2021. Learn more about condo safety legislation, laws, and regulations, and how CAI is advocating for sensible public policy.
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.