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.
Fannie Mae and Freddie Mac are compiling troubling blacklists that prohibit mortgage financing for entire condominium or housing cooperative buildings. As the blacklists grow, community managers and board members have no knowledge their buildings are on them. When people are unable to buy and sell units in these buildings, property values may be affected.
Community associations across the country have begun to fight back against the corporate investors who have changed the nature of the communities.
Homeowners associations in California with restrictions on long-term rentals must amend their bylaws to meet the requirements of a newly implemented law. Community association advocates say the statute may infringe on property ownership rights and curtails self-governance.
Development patterns across North America have focused on building infrastructure as an indicator of growth without considering impacts to long-term financial resilience and access to affordable housing options, says engineer Chuck Marohn.
