Yesterday, the Denver Post reported that Senator Lucia Guzman and Representative Cristana Duran are planning to introduce a bill during the 2013 legislative session in Colorado ". . . to incentivize HOAs and other entities to build electric-car-charging stations." However, the Post also reported that Duran said "We don’t want to mandate their construction."
Since there…
Last Thursday, as Chair of CAI’s Colorado Legislative Action Committee, I served on a panel for a Town Hall Meeting hosted by State Representatives Angela Williams, Su Ryden, Rhonda Fields, Nancy Todd and State Senator Morgan Carroll. The topic of the evening revolved around HOAs, the problems folks living in them sometimes experience and whether Colorado law needs to be revised to address these problems.
As I listened to homeowner advocates and folks who have experienced real problems with their HOAs, three important principles for empowerment came to mind: (1) homeowners are empowered when they are knowledgable; (2) homeowners are empowered when they participate in the governance of their HOAs; and (3) homeowners are empowered when they focus upon and are part of real and reasonable solutions.Continue Reading Knowledge, Participation and Solutions Empower Homeowners
Last week, attorney Gary Kujawski began his employment as the HOA Information Officer with the Colorado Division of Real Estate. Since this important position has been vacant for about six months, we are thrilled to see that it has been filled and are certain that Mr. Kujawski will use his knowledge and experience in training to provide homeowners and…
The U.S. Department of Housing and Urban Development (“HUD”) has published FAQs on the latest revisions to the condominium approval guidelines that were published last Thursday in HUD Mortgagee Letter 2012-18. These latest revisions will remain in effect until August 31, 2014 – unless further extended by the Federal Housing Administration (“FHA”).
During this period…
The U.S. Department of Housing and Urban Development ("HUD") has just released updated guidelines relating to FHA certification for condominium associations. Based upon a preliminary review of the new guidelines conducted by Community Associations Institute, here is an update relating to the changes:Continue Reading New FHA Condominium Guidelines Released
FHA officials have informed CAI National that they anticipate revisions to the condominium guidelines will be released this week. However, based upon this communication, CAI is not convinced these changes will be sweeping or substantive in nature. For more information from CAI National, check out FHA Signals Release of New Condominium Guidelines. And as always, you can count…
In an effort to stem losses from foreclosures, Fannie Mae and Freddie Mac have just announced a policy change addressing short sales. CAI National released the following update outlining these changes.
“Fannie Mae and Freddie Mac have announced changes to short sale policies to help more borrowers avoid foreclosure and stabilize neighborhoods. Mortgage servicing companies will begin using the new short sale procedures in early November.
A short sale allows a homeowner to sell their home for an amount less than the value of the existing mortgage. While Fannie Mae and Freddie Mac incur losses in a short sale, these losses are significantly lower than the costs of foreclosure. As a result, the short sale is quickly becoming a preferred foreclosure alternative for both Fannie Mae and Freddie Mac. Continue Reading Fannie Mae and Freddie Mac Change Short Sale Requirements
CAI National recently released the following communication addressing plans by the U.S. Government to shrink Fannie Mae and Freddie Mac. It is currently unknown whether, or to what extent, this course of action will impact the financing of mortgages in community associations.Continue Reading U.S. Government Announces Plans to Shrink Fannie Mae & Freddie Mac
Following the lead of our own Congressman Perlmutter, 69 members of the United States Congress just sent a letter to the Secretary of the United States Department of Housing and Urban Development ("HUD"), asking Secretary Donovan to take action to revise some unreasonable requirements condominium associations must comply with to become FHA certified. This important letter focused upon the need to…
Charges for Assembling, Producing and Copying Records
Yesterday I blogged that Governor Hickenlooper had signed the HOA records bill (“HB 1237”) into law. In order to be prepared to comply with the new law when it goes into effect on January 1, 2013, we are recommending that managers, management companies and HOA boards familiarize themselves with the requirements of the new law and to begin preparing now to comply.
For those of you who have been following my blog series which outlines the requirements, of HB 1237, you know we have covered: (1) records which HOAs will be required to maintain and produce to owners upon request; (2) records which may be withheld from production to owners; (3) records which must be withheld from production to owners; (4) restrictions which owners in HOAs must follow when utilizing membership lists; and (5) procedures which HOAs will be permitted to utilize in obtaining and processing records requests from owners.
Today I am going to cover what HOAs may charge, beginning on January 1st, for assembling, producing and copying records. Here’s what you need to know:Continue Reading HOA Records Bill – Start Preparing Now to Comply! Blog Entry #6
