Freddie Mac took a giant step toward transparency last week when it announced sweeping changes to its condominium and housing cooperative financing system. The government-sponsored enterprise that underwrites mortgages is introducing a tool that indicates whether a community is “certified” for financing or “not eligible”—and providing guidance that explains why a community may not be eligible.
California’s “balcony bill,” SB 721, requires balcony inspections within all multifamily residential buildings containing three or more dwelling units no later than Jan. 1, 2025. David Swedelson, founding senior partner at Swedelson Gottlieb firm, provides details to help communities prepare for and transition to these new requirements.
Over the past 50 years, CAI and its members have grappled with exciting, frustrating, and sometimes grueling issues. What challenges and opportunities await CAI over the next few years? We asked leaders in the industry to share their perspective.
Community association board members and managers frequently practice diffusing tension and communicating clearly. Today, they also need to prepare safety and security plans in the event of hostile and dangerous behavior. Though worst-case scenarios are rare, in an increasingly uncertain climate, a renewed focus has been placed on safeguarding residents, volunteers, and employees.
Community associations should incorporate preventive maintenance and structural inspections into their reserve studies—the important budget planning tools that identify the components a community association is responsible for maintaining or replacing, indicate the status of the reserve fund, and provide a stable and equitable funding plan to offset anticipated future major common area expenditures. The recommendations are part of new Reserve Study Standards released by Community Associations Institute (CAI), the leading international authority on community association governance, management, and education.
