FHFA Final Rule on Private Transfer Fees Carves Out HOAs!

The Federal Housing Finance Agency (FHFA) has published a Final Rule in the Federal Register that limits the ability of Fannie Mae, Freddie Mac and the Federal Home Loan Banks to deal in mortgages on properties that are encumbered by private transfer fee covenants.  

A News Release from FHFA announced the outstanding news that "The final rule excludes private transfer fees paid to homeowner associations, condominiums, cooperatives, and certain tax-exempt organizations that use private transfer fee proceeds to benefit the property."  This Final Rule has been a long time coming and is a victory for CAI National which worked hard to ensure common interest communities were excluded from the limitations.

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