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.
In the months following the condominium collapse in Surfside, Fla., CAI convened community association leaders, experts, and key stakeholders to identify public policy recommendations for reserve studies and funding, building maintenance, and structural integrity.
Following the Surfside condo collapse this summer, Fannie Mae recently released new building project requirements for its loans. CAI breaks down the key requirements of the guidelines effective Jan. 1.
Responding to tragedy: How CAI is offering support and resources following the Surfside condo collapse
The tragedy in Surfside, Fla., evoked many emotions for us all. The impact of this disaster will be far-reaching, changing many aspects of the communities we serve as volunteers, managers, and business partners. With much work still to be done, here is how CAI has provided support so far.
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.