Andrew Fortin, CAI National’s Vice President of Government & Public Affairs, has provided CLAC with the following important ALERT for CAI members in Colorado:
“CAI members in Colorado have reported that a mortgage company in that state is telling lenders that in order to obtain a mortgage for a home in a community association; the…
On October 21st, I posted a blog entry informing you that FHA was contemplating a prohibition on deed-based transfer fees in order for a condominium association to qualify for FHA-insured loans. In that same entry, I included a report from Community Associations Institute ("CAI") on the issue with a link to a letter to FHA requesting that they exercise caution and due diligence prior to taking such action. CAI has received a response from FHA to this letter and has published the following communication: Continue Reading FHA Responds to CAI on Transfer Fees
For those of you who follow our blog, you know that in recent entries I have been compiling a 2012 HOA To Do List for managers and directors of homeowners’ associations (“HOAs”). My first additions to the To Do List addressed planning ahead for annual disclosures and renewing your HOA registration in 2012 with the Colorado Division of Real Estate. While these initial entries were housekeeping items required by Colorado law, this latest addition is much more strategic in nature and is intended to enhance the governance of your communities.Continue Reading 2012 HOA To Do List Reminder: Groom Future HOA Leaders
On Monday, I blogged a reminder to HOA managers and board members about the annual disclosures associations are required to make within 90 days after the end of the association’s fiscal year. As I was thinking about creating an HOA checklist for 2012, it occurred to me that it’s important to add a reminder to renew your HOA’s registration with the Colorado Division of Real Estate (“Division”).
As you know, HOAs in Colorado were required to register for the first time with the Division prior to March 1, 2011, or face the possibility of penalties for failing to register. In early March, the Division published a Position Statement providing the opinion that pre-CCIOA communities (those HOAs created prior to July 1, 1992) were not required to register. However, since this Position Statement is not binding on the courts and the reasoning is subject to differing opinions, we have advised all of our HOA clients to register with the Division to avoid potential penalties.Continue Reading 2012 HOA To Do List Reminder: Renew HOA Registration
Winzenburg, Leff, Purvis & Payne (“WLPP”) is proud to announce that Mark Payne has been admitted to the CAI College of Community Association Lawyers (“CCAL”). As the only new member of CCAL from Colorado, Mark joins a prestigious group of CAI member attorneys who have distinguished themselves through contributions to community association law and who have committed themselves to high standards of ethical conduct.
Admission into CCAL is challenging and requires a commitment to the practice of community association law and the association industry. Here are just a few of the requirements which must be met for admission to CCAL:Continue Reading Mark Payne Admitted to the College of Community Association Lawyers
As we enter the homestretch for 2012, it doesn’t hurt for managers and boards to put on their radar screens the “annual disclosures” homeowners’ associations (“HOAs”) are required to make pursuant to the Colorado Common Interest Ownership Act (“CCIOA”). C.R.S. 38-33.3-209.4(2) provides that within 90 days of the end of each fiscal year, HOAs must make the following information readily available at no cost to unit owners:Continue Reading Planning Ahead for Annual Disclosures
The Colorado Division of Housing releases monthly statistics which track foreclosure filings and sales in Colorado. The October 2011 statistics reflect the good news that foreclosure filings are down as compared to data collected for October of 2010. Whether this positive trend will continue – remains to be seen. Here are the October findings by the Division:
● Both foreclosure filings and sales at auction were down in October 2011 when compared to October 2010.
● Comparing year-over-year from 2010 to 2011, foreclosure filings in October decreased 23.2 percent with totals falling from 3,059 to 2,350.
● October 2011 foreclosure sales (completed foreclosures) were down compared to October 2010 with a decrease of 28.3 percent from 1,308 to 938.
● Filings rose to the second-highest filings total reported in 9 months, but were down 3.3 percent from September’s total. Foreclosure sales at auction fell to the lowest total recorded since April 2008.
● In year-to-date comparisons, comparing the first ten months of 2010 with the same period this year, foreclosure filings were down 29.3 percent and sales at action were down 22.6 percent.Continue Reading October 2011 Foreclosure Statistics: Good News for Colorado HOAs?
In an ongoing effort to persuade the US Department of Housing and Urban Development ("HUD") that the FHA certification guidelines must be revised in a manner that takes very real industry concerns into consideration, Community Associations Institute ("CAI") made the following announcement regarding the actions of United States Senator Scott Brown:
"Massachusetts Senator Scott Brown has sent a strongly worded letter…
The holiday season is fast approaching which means I’m gearing up to enjoy my favorite spectator sport of the year. No – I’m not talking about watching football. I’m talking about watching the men in my HOA compete with each other over installing the “best” holiday display. From my point of view, what the “best” display consists of is certainly open to debate. However, I’m convinced the guys think “more is best.”
Once the initial installation of their displays is complete, you will see some of the guys talking with each other comparing their artistic expressions. Appropriate adjustments are then made. However, some of them are a bit more subtle. You will see vehicles slowly moving past displays as they desperately try to count strings of lights and assorted decorations without being obvious. The next thing you know, someone will be teetering on a ladder in howling winds installing yet another string of lights. During this time, I make sure to let my husband know that he is being shown up by his neighbors. I then quietly wait to see what will happen next.Continue Reading Holiday Decorations: My Favorite Spectator Sport
The Side Streets column in the Colorado Gazette today covered the Sunrise Application that has been filed with the Colorado Department of Regulatory Agencies to determine whether the licensure of community association managers in Colorado is necessary. The article highlights the thoughts of veteran association manager Michelle Green who manages the Flying Horse Homeowners Association.
Like many other managers who have taken the initiative to become educated in the complexities of managing HOAs, Ms. Green is concerned that virtually anyone in Colorado can become a community association manager. “Anybody can hang a shingle on a door and call themselves a management company with no previous experience,” Green said. “They’ve got the checkbooks for the associations. They are doing the financials. They should be monitored so associations don’t lose money or get embezzled.”Continue Reading Colorado Gazette Weighs In On Manager Licensure
