New FHA Owner Occupancy Requirements Could Benefit Some Condo Communities
A few months ago we informed you that both houses of Congress voted unanimously to pass the Housing Opportunity Through Modernization Act (HOTMA) which, in part, required FHA to lower the required percentage of owner occupied units in condominiums from 50% to 35% unless FHA could prove that a higher percentage of owner occupancy was justified. FHA continues to maintain the position that condominium projects where at least 50% of the units are occupied by owners as their primary residence or as a second home are more financially stable and have a history of fewer defaulted loans. In response to the legislation, however, FHA has issued new regulations which will allow consideration of requests by associations to have owner occupancy percentage set at 35% for condominium associations that can prove they are financially strong. Read the article…………….
Third Tier Roadways within Community Associations are Entitled to Reimbursement Under Municipal Services Act (NJ)
A recent trial court decision in Ocean County held that all roadways within a qualified private community – such as
Is a co-owner entitled to a reasonable accommodation to use medical marijuana under the Federal Fair Housing Act?
On November 8, 2016, Florida, North Dakota and Arkansas joined 25 other states and the District of Columbia in approving
Don’t Delay: No Change in the December 1, 2016 Deadline for Compliance with the Department of Labor’s Final Rule on Overtime
The Fair Labor Standards Act (“FLSA”) requires employers to pay employees at the rate of one and half times their