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.
Projections from the Foundation for Community Association Research, an affiliate of Community Associations Institute, estimate 3,000 to 4,000 new condominium communities and homeowners associations will be built in 2025. Community associations — including homeowners associations, condominiums, and housing cooperatives — currently house 77.1 million Americans and comprise 30% to 33% of the U.S. housing market.
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.
On Sept. 10, CAI filed a lawsuit against the United States Department of Treasury challenging the application of the Corporate Transparency Act. We believe the application of the Corporate Transparency Act to community associations is an overreach and potentially unconstitutional, and we will continue to work to protect the interests of our members and communities nationwide.
