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.
Maintenance-free, safety, and cleanliness are top features that make community associations a popular choice and lifestyle for millions of Americans, according to results from the 2022 Homeowner Satisfaction Survey. The overwhelming majority (89%) of homeowners and condominium association residents rate their overall experience of living in a community association as “very good” or “good” (67%), or neutral (22%).
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.
Addressing unexpected maintenance often results in boards having to approve large special assessments, which can cause a financial strain to homeowners. A report from the Foundation for Community Association Research details why the unanticipated expense of repairing hidden damage can be so overwhelming.
Homeowners facing financial hardship due to the COVID-19 pandemic can benefit from an extension to the federal foreclosure moratorium and new rules limiting collections of delinquent mortgage payments.