In the wake of the devastating Texas floods that ravaged Kerr County and parts of the Texas Hill Country in July, the Paloma Lake community and FirstService Residential sprang into action to help. While none of our residents or communities sustained direct damage, in moments like these, we are all neighbors.
Natural disasters are occurring more frequently — and more violently than ever before. Community associations caught in the path of extreme weather find the devastation lingers long after the storm has passed. Although it is not possible for associations to insulate themselves completely from catastrophic weather, there are lessons to be gleamed from those who have been hit that could help mitigate loss and protect owners’ investments.
Four years ago, the tragic partial collapse of Champlain Towers South in Surfside, Fla., took 98 lives. The devastating event highlighted the critical need for proactive building maintenance, structural inspections, and financial preparedness to ensure condo safety. Over the past few years, CAI has educated community association residents, board members, community managers, business partners, legislators, and regulators about structurally sound and fiscally responsible communities.
Reporting requirements under the Corporate Transparency Act have been reinstated for community associations, which now have until March 21 to file an initial, updated, or correct beneficial ownership information report with the Financial Crimes Enforcement Network.
Did you know that, in addition to being a Civil Rights Movement leader, Rev. Martin Luther King Jr. also was a fierce advocate for fair housing? Both in his youth and his travels as a civil rights leader, King witnessed systemic segregation in neighborhoods nationwide and resolved to fight for access to safe and reliable housing for all Americans.
Community associations need to closely monitor legal developments regarding the Corporate Transparency Act. As four U.S. district courts hear appeals related to the constitutionality and application of the act, any updates could further change requirements for community associations.
