Today is the opening day of the 2013 legislative session in Colorado! As I mentioned in previous blog postings this week, Senator Morgan Carroll has gone on record that manager licensure and beefing up the HOA Information and Resource Center are on the drawing board. However, we don’t expect those bills to be introduced early on
From Capitol Hill/Legislation
Senator Carroll Commited to HOA Czar and Manager Licensure
As the 2013 legislative session is slated to begin on Wednesday, Senator Carroll has gone on record with the Colorado Springs Gazette on her commitment to pass legislation that would create an HOA Czar and to license community association managers. The bills will be introduced in the House and are expected to receive support in both chambers which are controlled…
Speaker of the House Not a Fan of HOAs
Side Streets, carried in the Saturday edition of The Gazette in Colorado Springs, highlighted an interview with Mark Ferrandino – the new Speaker of the Colorado House. Clearly, the Speaker is not a fan of HOAs and believes members of HOAs need "a way to complain and enforce the laws . . . " As a result, he’s in favor of providing the HOA Information Officer with the authority to investigate and enforce Homeowner Bill of Rights provisions of the Colorado Common Interest Ownership Act ("CCIOA").
The Speaker’s disenchantment with HOAs comes from personal experience. Evidently, at some point in time, the Speaker purchased a home in an HOA and thought the assessments were being handled through his mortgage payment. As a result, he did not make his $25.00 monthly assessment payment. After six months of not paying his assessments, the Speaker received notice that a lien had been recorded on his home. Continue Reading Speaker of the House Not a Fan of HOAs
Electric Car Legislation Anticipated During the 2013 Legislative Session in Colorado
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…
Knowledge, Participation and Solutions Empower Homeowners
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
New HOA Information Officer Hired by Division of Real Estate
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…
HUD Publishes FAQs on New Condominium Guidelines
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…
New FHA Condominium Guidelines Released
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
CAI National Concerned Anticipated Changes to FHA Guidelines Won’t be Sweeping
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…
Fannie Mae and Freddie Mac Change Short Sale Requirements
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