Over the summer, Fannie Mae and Freddie Mac released updates to project eligibility standards for condos and housing cooperatives. These updates go into effect this month. What does this mean for your community?
Fannie Mae and Freddie Mac release lender bulletins as a step toward making temporary requirements addressing issues of structural safety in condominium and housing cooperative building, permanent.
Many boards remain unaware of the CTA and the legal requirement to file, and the filing deadline is approaching quickly. As managers, it’s critical to inform boards about this requirement and empower them to decide on the best approach.
Lending questionnaires introduced by Fannie Mae and Freddie Mac restricted access to mortgages and created condo blacklists, impacting thousands of affordable housing units in the U.S.
More than 90% of respondents in a recent survey conducted by the Foundation for Community Association Research reported their property and casualty insurance premium had increased at the last or current renewal.
According to the Foundation for Community Association Research, 91% of community association managers and homeowners report seeing an unexpected increase in expenses due to rising costs and inflation.
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