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…………….
Condominium associations have an obligation to maintain common areas. Are they also liable for damage…
The most recent Common Ground from the Community Associations Institute includes an interview with Law…
Bicol Saro party-list Rep. Brian Raymund Yamsuan has introduced a measure mandating local government units…
The high court decided Hennepin County violated the constitutional rights of Geraldine Tyler, a Minneapolis…
A little before 3 p.m. Monday, The Rockford Fire Department responded to the 4400 block…
Rats and snakes have become unwelcome guests at two Perdido Key condominiums. The associate managers…