February 2011

The Colorado Division of Real Estate (“Division”) has published an HOA Information Office Legislative Summary and Resource Handout (“Summary”). In that Summary, the Division has noted that pre-CCIOA communities (associations created before July 1, 1992) that have not elected to be treated as CCIOA communities – are not required to register. However, the Division is urging those communities to voluntarily comply with the HOA registration requirements. Continue Reading Division of Real Estate: Pre-CCIOA Communities Exempt from HOA Registration

The Federal Housing Finance Agency (“FHFA”) has issued a News Release announcing the creation of a Proposed Rule that will be published in the Federal Register addressing private transfer fee covenants. The Proposed Rule would limit Fannie Mae, Freddie Mac and the Federal Loan Banks from “dealing in mortgages on properties encumbered by certain types of private transfer fee covenants and in certain related securities.”Continue Reading FHFA Excludes Community Associations from Proposed Rule on Transfer Fees

As we fully described in our January 21, 2011 blog entry, House Bill 1110 amends the Colorado Revised Nonprofit Corporation Act to apply certain governance provisions of CCIOA to “Residential Nonprofit Corporations.” While it was clear that the intent of the legislation was never to include homeowner associations within the definition of Residential Nonprofit Corporation, the broad definition in the original version of the bill did capture associations.Continue Reading HB 1110 Amended to Exclude HOAs

Yesterday we announced that for the second year in a row, Senator Lundberg had introduced a bill (SB 122) which would destroy any incentive for investors to purchase the junior lien rights of homeowner associations. In addition to the adverse impact this bill would ultimately have on paying members in associations, SB 122 singles out associations for inequitable procedural treatment.Continue Reading Junior Lien Bill – Inequitable Procedural Treatment for HOAs