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

On January 31, 2011, Senate Bill 11-122 (“SB 122”) was introduced in the Colorado Senate. Sponsored by Senator Lundberg for the second year in a row, the intent of the legislation is to obtain the highest bid possible on property at a public trustee foreclosure sale. The philosophy behind the bill is to get the price bid up high enough at the sale to have excess proceeds available to be distributed to the individual who loses his or her home in foreclosure. All good intentions aside, SB 122 attacks the lien rights of homeowner associations in Colorado.  Continue Reading Junior Lien Bill Introduced in the Colorado Senate – Round II for Community Associations

On Friday, January 28, 2011, the U.S. Department of Housing and Urban Development (“HUD”) announced that it was extending the “anti-flipping” waiver through December 31, 2011. 

As a general rule, FHA regulations prohibit insuring a mortgage on a home which is owned by a seller for less than 90 days. However, given the continued foreclosure crisis, HUD has extended the waiver of this requirement for the duration of 2011 to promote the quick resale of homes. Continue Reading HUD Extends “Anti-Flipping” Waiver

This morning at CAI’s Wake-Up Call breakfast meeting, Aaron Acker – the HOA Information Officer for the Colorado Division of Real Estate (“Division”) – announced that pre-CCIOA communities will not be required to register with the Division. This means that associations created before July 1, 1992, will not be required to comply with the registration requirement. Continue Reading Pre-CCIOA Communities Exempt from HOA Registration

In response to the crisis where lenders were foreclosing on an unprecedented number of homes in Colorado, in 2009 Governor Ritter signed into law a Foreclosure Deferment Program (“Program”) which is currently scheduled to expire on June 30, 2011. The Program provides eligible homeowners with an opportunity to defer public trustee foreclosure sales on their homes for a period of up to 90 days while they pursue options to remain in their homes.Continue Reading Extension of the Foreclosure Deferment Program Powers Through the Colorado House

In August of 2008, the Colorado Common Interest Ownership Act was amended to create C.R.S. 38-33.3-106.7 which prohibits unreasonable restrictions on the installation of “energy efficiency measures” in community associations. At the same time, at C.R.S. 38-30-168, a statute on the books since 1979 addressing the installation of “solar energy devices” in community associations was amended to more fully address the installation of solar panels and to permit residential windmills in associations. Representative Andy Kerr, a champion of green energy, was the sponsor of these significant revisions to Colorado law. Continue Reading House Bill 1103 – Tax Breaks for Windmills