Earlier this year, Fannie Mae and Freddie Mac announced important changes to condominium reserve funding requirements. Management companies and condo boards nationwide need to take the changes seriously and act now.
The collapse of Champlain Towers South in Florida wasn’t just a tragic event, it was a wake-up call for community association and maintenance plans and programs. Since then, insurers have gotten stricter, lenders more cautious, and lawmakers busier than ever. With a little discipline and a plan, you can lead your community safely to the summit. Get started with a six-step preventive maintenance plan.
Over the past week, the stock market has suffered major losses that make even the most confident Wall Street trader stressed. Many community association board members also have been wondering: What should we be doing with our reserve funds right now? By grounding your community’s reserve strategy in timing, needs, and structure, you can reduce anxiety and increase confidence even in the face of market uncertainty.
