Legal changes: New mandates for HOAs in California
New mandates in California that went into effect Jan. 1 bring several changes to community associations. Here’s a summary of how the bills affect association governance and operations.
High standards: Fannie Mae, Freddie Mac update requirements to secure loans in condos
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.
High alert: Building safety concerns rise following Surfside condo collapse
Although it will likely take months or even years to determine the causes behind the Surfside, Fla., condo collapse, local and state governments are examining building codes, standards and practices, and other appropriate actions to improve structural safety.
Costly concerns: Addressing long-term maintenance and repair
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.
Financial protection: Foreclosure moratorium receives another extension
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.
