Federal and state legislation and regulation can sometimes be introduced overnight and, during a hectic legislative session, bills can move swiftly. Legal issues can arise almost as quickly. This page provides general government affairs insight (updates, overviews and trends), regulatory items affecting CAI's members, and legislative information of note or news. For specifics on industry federal and state legislation, log in to the Advocacy Center.
Manager Licensing
CAI 2011 Legislative Yearbook (12/2011)
CAI 2010 Legislative Yearbook (3/2011)
CAI 2009 Legislative Yearbook (4/2010)
Spotlight on Grassroots: Effective Advocacy in a Hostile Climate (Webinar)
___________________________________________________________
CAI Leads Industry Letter to FHA on Transfer Fees (5/2012) On May 2nd, CAI urged the Federal Housing Administration (FHA) to avoid creating a second, conflicting national standard governing community association transfer fees.
In 2010, FHA established a policy that all transfer fees violate its program rules and guidelines. This decision, which was taken without any examination of long-standing legal principles or understanding of market impact, has not been uniformly enforced. Read more…
CT Manager Licensing Bill Passes, Awaits Governor’s Signature (5/2012)
In the final hours of the legislative session, the Connecticut General Assembly passed a bill requiring all community association managers to successfully complete a nationally recognized course on community association management. The bill also requires community association managers who receive their initial registration on or after October 1, 2012, as well as those who were registered before then and have been registered for less than 10 years, to pass the National Board of Certification for Community Association Managers' Certified Manager of Community Associations (CMCA) examination or a similar examination that the Department of Consumer Protection commissioner prescribes in regulations. The bill, whose text is available here, now awaits transmittal to Governor Dan Malloy (D).
The Community Associations Institute (CAI) M-100 course is available classroom style or online. Completing the M-100 is the easiest way to be eligible to sit for the CMCA examination. Click here for more information on the CMCA examination and designation.
CAI Testifies Before Congress on Impact of Foreclosure Crisis on Associations (5/2012)
Mr. Dick Pruess, long-time CAI member and chair of California’s Legislative Action Committee, told federal lawmakers that association homeowners suffer when lenders delay foreclosures, allowing delinquent owners to remain in their properties.
The U.S. House of Representatives Financial Services Committee asked CAI to testify on a plan to sell real estate owned (REO) held by mortgage giants Fannie Mae and Freddie Mac to private investors. The federal agency that oversees Fannie Mae and Freddie Mac is testing a program that will sell large numbers of REO to investors who must agree to rent the properties for a minimum of three years. CAI was asked to share how bulk sales of Fannie Mae and Freddie Mac REO would impact community associations and homeowners. Read more...
Federal Communications Commission Studies HAM Radio Antenna Restrictions (4/2012)
The Federal Communications Commission (FCC) has announced a new study on CC&Rs that impede the installation of amateur radio (HAM) towers and antenna. To assist in the study, the FCC seeks public comment on questions about the role of HAM radio in disaster response and how antenna restrictions in CC&Rs may impede the federal response to national emergencies. The deadline for comments is May 17, 2012. Read more…
FHA Action on Condos, Transfer Fees in Pipeline (4/2012)
The Federal Housing Administration (FHA) is likely to take action in the coming months that will affect community associations. FHA is preparing new policies for condominium project approvals and will soon release guidelines on the use of transfer fees by community associations. Read more...
CAI Responds to NY Times Op-Ed (4/2012)
On Sunday, April 1, 2012, the New York Times ran an editorial by Richard Benjamin titled “The Gated Community Mentality.” Mr. Benjamin’s piece did not mince words, placing the blame on the tragic death of Treyvon Martin on America’s community associations and their residents. Smug, like-minded, overzealous, wooden dolls is how Mr. Benjamin describes the more than 60 million residents of HOAs, condominiums and cooperatives. CAI responded in a strongly worded retort
Federal Reserve Issues Guidance to Banks on REO Rentals (4/2012)
On April 5, the Federal Reserve System issued guidance to banks intended to spur the temporary conversion of Real Estate Owned (REO) to rental property. Earlier this year, the Federal Reserve strongly encouraged the sale of REO to investors for use as rental properties. With this new guidance, the Federal Reserve is offering banks the option to keep ownership of REO properties while making the properties available for rent. The Federal Reserve’s REO rental guidance will impact CAI’s members in two general areas. Read more…
CAI Urges Community Association Perspective in Bulk Sales of HUD, Fannie Mae, and Freddie Mac Properties (4/2012)
Many believe the answer to the national foreclosure crisis lies in bulk sales of foreclosed properties to investors for use as rental properties. Outspoken supporters of this approach include Federal Reserve Chairman Ben Bernanke and Mark Zandi, Chief Economist and founder of Moody’s Analytics. These efforts have culminated in the launch of a pilot program for bulk sales of Fannie Mae and Freddie Mac owned properties to investor syndicates. Read more...
CAI Files Comments on FHA Seller Contributions Rule (4/2012)
CAI has submitted comments on a proposal by the Federal Housing Administration to limit seller contributions at FHA mortgage closings. In February, FHA proposed to limit the total dollar amount of seller contributions for FHA loans to a maximum of three percent of the loan amount. FHA also proposed to prohibit sellers from offering to pay any amount of association assessments for buyers. Read more…
CAI Secures Important Transfer Fee Victory (3/2012)
On March 15, 2012, the Federal Housing Finance Agency (FHFA) issued its long awaited final rule on transfer fees. FHFA had proposed a federal regulation which would have banned federally backed mortgages for any property in a community association with a deed-based transfer fee in place. As originally drafted, the proposed rule would have cut off nearly all mortgage funding for the 11 million housing units, or 49 percent of all community association housing, that have existing deed-based transfer fees. Read more…
White House Announces FHA Refinance Program Changes (3/2012)
President Obama has announced changes to the Federal Housing Administration’s streamline refinance program to help more borrowers take advantage of historically low mortgage interest rates. FHA’s streamline refinance program allows existing FHA borrowers to forgo strict loan underwriting requirements when refinancing to another FHA-insured mortgage. Read more…
CAI Prods Mortgage Loan Servicers on Assessment Delinquencies (2/2012)
On February 23rd, CAI wrote the U.S. Department of Justice, the U.S. Department of Housing and Urban Development, and the Iowa Attorney General, urging that mortgage servicers be required to pay association assessments on real estate owned (REO) and properties in foreclosure. On February 9th, the federal government and 49 states agreed to a nationwide settlement on foreclosure violations by mortgage servicing companies. Read more…
HUD Files Rule Banning Seller Payment of Assessments at Closing (2/2012)
The U.S. Department of Housing and Urban Development has acted to ban the practice of sellers agreeing to pay a set amount of association assessments for a buyer when closing on a FHA-insured mortgage. The ban is included in a proposed rule limiting concessions sellers may offer buyers to complete a sale. Read more...
President Announces Housing Initiatives (2/2012)
President Obama has unveiled a series of initiatives to help move the nation’s fragile housing markets to recovery. The president’s proposals fall in four basic categories: mass refinancing program; homeowner bill of rights; foreclosure mitigation; and REO to Rental Pilot Transaction.
The president will propose legislation to Congress allowing all borrowers whose mortgage exceeds the value of their home to refinance to a mortgage insured by the Federal Housing Administration (FHA). The administration believes that by refinancing to current mortgage rates, which are at historic lows, the average American homeowner can save up to $460 per month. Read more...
WA Manager Clarification Bills Pass Committees (1/2012)
In response to the Washington State Real Estate Commission indicating it would likely be regulating community association managers as realtors, the WA-LAC worked with key legislators in both chambers to have bills drafted clarifying that managing common interest communities is a distinct profession. The bills have passed their committees of referral and are making their way to the chamber floors. Additionally, the LAC worked to garner support for manager licensing and was successful in having a bill introduced requiring that managers be certified as a CMCA, AMS or PCAM, furthering the goal of professionalizing community management. Click here to view the clarification bill and here to view the manager licensing legislation.
President Discusses Housing Proposals in State of the Union (1/2012)
In his State of the Union address, President Obama announced two measures to address the ongoing housing and foreclosure crises. The programs will allow homeowners to refinance mortgages to take advantage of historically low interest rates and will crack down on mortgage fraud.
While the details and legislative language on the president’s refinance proposal have yet to be released, the Administration is planning to use the Federal Housing Administration as a vehicle to allow “responsible” homeowners to refinance existing mortgages. Interest rates for 30-year, fixed rate mortgages are currently below 4 percent. The Administration estimates borrowers could save up to $3,000 per year by refinancing existing mortgages to these lower rates. Read More...
Pennsylvania Joint State Government Commission Releases Report on Common Interest Communities (1/2012)
In December 2011, the Joint State Government Commission of Pennsylvania released a detailed study outlining the relationship between Common Interest Ownership Communities (CIOCs) and municipal governments in the Commonwealth. The commission report was ordered after the adoption of HR 350 in 2009, which directed the commission to study the relationship between state and local governments and homeowners associations. The report analyzed the impact of CIOCs in Pennsylvania by collecting information from communities and their residents to better determine how infrastructure development, the municipal tax burden on residents of CIOCs and potential access to state funding sources affects CIOCs as well as local government. Read more...
CAI Applauds Administration Guidance of GSE Foreclosures (1/2012) In a letter dated January 6, 2012, CAI has thanked the Office of the Comptroller of the Currency (OCC) for guidance to banks and federal savings associations on their responsibilities in foreclosure. That guidance, embodied in OCC Bulletin 2011-49, provides notice that lenders who foreclose are responsible for payment of community association assessments. CAI survey data indicates that more than three out of four bank-owned properties do not pay required assessments, putting strain on the rest of the homeowners in the community. You can read CAI's letter here.
CFPB Director Sets Agenda (1/2012)
In his first remarks as CFPB Director, Richard Cordray announced the Bureau will begin to immediately exercise its supervisory authority over non-bank entities offering certain consumer financial products or services. Specifically, the Bureau will target mortgage originators, brokers, and servicers as well as entities offering mortgage modification or foreclosure avoidance services. Read more...
Congress to Increase Fees on Fannie Mae, Freddie Mac, and FHA (12/2011)
The Congress has opted to increase fees for Fannie Mae, Freddie Mac and FHA to pay for a reduction in the payroll tax. As part of an economic stimulation package, the Obama Administration ushered in a reduction in employee payroll taxes. The temporary reduction is set to expire on December 31st unless Congress votes to approve an extension. Read More...
Subcommittee on Capital Markets & GSEs Moves Housing Finance Bill (12/2011)
On December 14th, the House Financial Services Subcommittee on Capital Markets voted 18 – 15 to advance the Private Mortgage Markets Investment Act (PMMIA) of 2011. The proposal will next be considered by the House Financial Services Committee. Read More...
Congress Passes Short-term Flood Insurance Extension (12/2011) Congress has included an extension of the National Flood Insurance Program through May 31, 2012, in a fiscal year 2011 omnibus appropriations package, which awaits the president’s signature. To allow the president time to review the expansive appropriations package, which funds several Cabinet departments and agencies, Congress also passed a short-term funding bill that extends the flood insurance program through December 23rd. Read More...
Colorado LAC Moves on Manager Licensing (12/2011) CAI’s Colorado LAC’s efforts to move forward with manager licensing legislation in the state got a boost today with additional positive press coverage. Increases in favorable press coverage not only enhances the profile of the LAC’s mission but also helps readers better understand the significance of manager licensing. Read the story here.
City Council Adopts CAI-backed Condo Trash Bill (12/2011) A short time ago, Philadelphia's City Council, by a vote of 12 for and 5 against, adopted Bill Number 110130, which provides a credit against the tax for owners of condominiums and cooperatives and planned community unites who do not receive regular City refuse, recycling and bulk item collection services, under certain terms and conditions. Read More...
Colorado Lender Plays Fast with Priority Lien Requirements (12/2011)
CAI members in Colorado have reported that a mortgage company in the state is telling lenders that in order to obtain a mortgage for a home in a community association the association must waive its priority assessment lien rights under Colorado Law. In justification for this requirement the mortgage company cites “VA, FHA and [Company name’s] internal company requirements.” CAI’s Government and Public Affairs Staff have reviewed the Federal Housing Administration (FHA) and U.S. Department of Veteran Affairs’ (VA) requirements, discussed this matter with officials at FHA and examined FHA’s ongoing and active lending in the 19 states with priority assessment lien laws. We have concluded that there is no federal regulatory or statutory requirement that would require an association to waive its priority assessment lien rights under Colorado Law to obtain a FHA or VA backed mortgage. We are working with the CAI’s Colorado Legislative Action Committee to bring this issue to the attention of legislators. Read more...
FHA Responds to CAI on Transfer Fees (11/2011)
In October, CAI called on the Federal Housing Administration (FHA) to take action and address the issue of deed-based transfer fees in community associations. Early this year FHA issued an “interpretation” of its regulations which concluded that it cannot underwrite mortgages in community associations with deed-based transfer fees, which exist in close to half of all community associations. CAI called on FHA to address the issue through a waiver or other regulatory means. You can read the October letter here.
On November 23, 2011, FHA responded. In a short letter FHA indicated it recognizes such fees have value to homeowners and community associations and it was working to take action in the coming months to address the issue. CAI will continue to pressure FHA to take quick action on this matter. You can read the response from FHA here.
CAI Delegation Meets with FHA Head (11/2011)
On November 17, 2011, CAI led a delegation to meet with Carol Galante, the Acting Commissioner of the Federal Housing Administration (FHA). The delegation included representatives from the National Association of Realtors and the National Association of Home Builders. The purpose of the meeting was to discuss ongoing concerns with the FHA condominium guidelines. The meeting was a follow up to CAI’s July 25 and October 12 letters expressing concerns on new criteria found in FHA’s Mortgagee Letter 2011-22. Read more...
Illinois Community Association Manager Licensure Application Available (11/2011)
Individuals practicing community association management must obtain a professional license to work in the state by September 30, 2012. Click here to view the application and the specific requirements of the methods to obtaining the license – Grandfather, Examination, Endorsement and Restoration. Applicants must be 21 years of age, meet the requirements of the method of application and submit the $300 application fee. Licenses are good for two years. The state has yet to set renewal fees and continuing education requirements.
CAI White Paper on ADR Presented to Canadian Condo Institute & Members of Parliament (11/2011)
CAI’s G&PA Department prepared a white paper on requirements for alternative dispute resolution (ADR) in community associations in the United States for our friends in the Canadian Condo Institute. The paper provides an overview on dispute resolution requirements imposed by state legislatures in key states across the USA. As part of their effort examining mechanisms to address homeowner disputes with community association boards, the Canadian Condo Institute presented the paper to key members of Ontario’s Parliament. You can review the white paper here.
Leading Senator Chides FHA on Condos (11/2011)
Massachusetts Senator Scott Brown has sent a strongly worded letter to the Secretary of Housing and Urban Development expressing concerns over the development and implementation of FHA’s condominium guidelines. The letter specifically addressed the concern over the recent actions by FHA to deny mortgage funding to associations with special assessments or loans for property improvements. Read More...
Key Congressmen Express Concern with FHA Criteria, Process (11/2011)
Condominium owners struggling to meet stringent and conflicting Federal Housing Administration (FHA) underwriting requirements got a helping hand in their efforts from key members of Congress. Members of the Massachusetts Congressional Delegation, led by Congressmen Barney Frank, Michael Capuano and Stephen Lynch, sent a letter expressing their concerns with the current FHA condominium underwriting criteria and the lack of stakeholder input in the development of the guidelines. Read More…
Philadelphia City Council Moves on Condo Trash Bill(10/2011)
The Finance Committee of Philadelphia’s City Council held a hearing on Tuesday, October 18, 2011 at City Hall on Bill 110130 which would provide a credit against the tax for owners of condominiums, cooperatives and planned community units who do not receive regular City refuse, recycling and bulk item collection services. After lengthy testimony and questioning on the Bill from many proponents, and the Nutter Administration, the Finance Committee unanimously reported the Bill out of committee and to the full City Council, where it now awaits action. Read the testimony here.
CAI Cautions FHA on Transfer Fees, Calls for Waiver (10/2011)
As part of a series of training sessions on the revised, Federal Housing Administration’s (FHA) condominium mortgage guidelines, FHA informally announced that it would be issuing new regulatory guidance to address the issue of deed-based transfer fees. FHA indicated that it would likely disqualify any condominium association with deed-based transfer fees from access to FHA-insured mortgages. This news comes as condominium associations across America are still reeling from the July 2011 FHA Guidance which imposed new and confusing underwriting guidelines that conflict with condominium business practices, state law and common sense. In response to this sudden announcement by FHA, CAI has dispatched a letter warning FHA of the dire consequences to the condominium market if it follows through on its announcement. Read more...
CAI Advocates for Manager Licensing in Maryland (10/2011)
During the Maryland General Assembly’s 2011 session, CAI and the MD-LAC supported three manager licensing bills and worked with sponsors to create a model bill to serve as the vehicle. Those bills failed to receive a vote in committee and were referred to interim study, but as a result the House of Delegate’s Housing and Real Property Subcommittee hosted a study session October 12, 2011, to receive public and industry testimony on the issue. CAI and the MD-LAC testified together at the hearing and provided astute answers to the Subcommittee’s questions in addition to offering a hard copy of our statement and a white paper providing an overview of the benefits of regulating the profession and options to achieve sound regulating policy. CAI and the MD-LAC will soon meet with the Senator who championed the issue in the Senate last session to discuss revisions so an approved, model bill will be introduced in 2012.
FHA Backs Away From Management Company Insurance Mandate (9/2011)
Thanks to pressure from CAI members across the country, the Federal Housing Administration (FHA) indicated that it will revise a controversial regulatory mandate that would require management companies to carry a fidelity bond if they managed a condominium association. In June, FHA released new guidelines for its condominium mortgage insurance program. The guidelines set standards that condominium associations must meet in order for any potential buyer to qualify for a FHA-backed mortgage. As FHA accounts for nearly one in three condominium mortgages, the guidelines have a significant impact on the marketability of condominiums. Read More...
CAI Engages House Committee on FHA Condo Program (9/2011)
The House Financial Services Committee’s Subcommittee on Insurance, Housing and Community Opportunity hosted a hearing on September 8 examining the role of FHA in the mortgage markets. Acting FHA Commissioner Carol Galante testified to FHA’s role in the post crash housing market and noted progress made by FHA in ‘improving’ the condominium insurance process. Her testimony stands in sharp contrast to the statement submitted to the subcommittee by CAI. Read more…
CAI Mortgage Teams Deliver a Message to Congress (8/2011)
In July, CAI set a goal of working with state LACs to target 40 members of the House Financial Services Committee and the Senate Banking Committee. LAC appointed “Mortgage Matters Teams” were empowered to set up visits with targeted members to discuss three key issues, FHA condominium underwriting standards, Qualified Mortgage Rules and Qualified Residential Mortgage Rules. All of these federal proposals have the potential to have a substantial negative impact on access to affordable and fair mortgages for residents in Community Associations. So far state LACs have met with close to half of the targeted members during the month of August! Read more...
CAI – OC Meets with Local Congressman to Discuss Mortgage Situation Impact on Community Associations (8/2012)
Earlier this week, several members of the CAI-OC Chapter met with the local representative, US Congressman John Campbell. They spoke with the Congressman about the unique impact on community associations of the mortgage situation. Earlier this week, several members of the CAI-OC Chapter met with the local representative, US Congressman John Campbell. They spoke with the Congressman about the unique impact on community associations of the mortgage situation. Read More...
CAI Files Comments on Qualified Mortgages (7/2011)
CAI has filed extensive comments on proposed federal regulations defining Qualified Mortgages. These regulations are the result of the Wall Street Reform and Consumer Protection Act of 2011. The law made important changes to the types of mortgages lenders will be able to offer consumers. These loans are called Qualified Mortgages or QM. QM regulations focus on a borrower’s ability to repay a mortgage. The draft regulations will include mandatory payments associated with a mortgage in qualifying applicants. This will include association assessments. The government also sought comment on the impact of special assessments and transfer fees on borrowers. CAI provided detailed comments to help ensure that any final regulations do not have a negative impact on community associations. You can read the comment letter here.
CAI Files Administrative Challenge to FHA Guidance (7/2011)
On Friday, July 22, 2011, CAI filed a challenge to provisions of the FHA Mortgage Insurance Guidance with the Office of Information and Regulatory Affairs. CAI’s letter asserts that FHA failed to perform neither the necessary due diligence nor appropriate research prior to issuing Mortgagee Letter 2011-22. Under federal policy embodied in Executive Order 12866, federal agencies are required to meet procedural and substantive requirements prior to issuing regulations. CAI challenged the FHA guidance in four areas: the fidelity insurance mandate for management companies, the 30 day delinquency standard, project certification requirements and provisions related to deed restrictions. Read More...
CAI Comments on IL Manager Licensing Regulations (6/2011)
On June 15, 2011, CAI submitted comments to the Illinois Department of Financial and Professional Regulation concerning proposed regulations to implement the state’s community manager licensing act. The draft regulations provided additional details on defining who would be covered by the Act, what types of credentials and education will be required of licensees and what fees would apply to the program. Read More...
CAI Surveys Members on Proposed Mortgage Rules (5/2011)
CAI has engaged its members for input into shaping the future of mortgages. In response to draft Qualified Residential Mortgage regulations issued by the federal government, CAI has asked its members to weigh in with their thoughts on the proposed new lending standards. The new regulations will reset the rules for mortgages for nearly all homebuyers. In addition to the survey, CAI has put together a short Frequently Asked Questions document to give members background on the standards set by the proposed regulations. CAI will use the data from this survey to help us in our comments to the government on their draft regulation. Read More… Governor Signs Maryland Priority Lien Bill (5/2011)
On May 10, 2011, Maryland Governor Martin O’Malley signed HB 1246, The Maryland Priority Lien Bill, into Maryland state law. The bill was originally passed by the Maryland Senate on April 11, 2011, after previously being passed through the House of Delegates. The bill establishes a 4-month priority ahead of lenders of up to $1,200 for condominium and homeowner association assessments when there is a lender foreclosure. It applies to new loans obtained after October 1, 2011. Read More...
CAI-New Hampshire Chapter Donates CAI Publications, Meets with New Hampshire House Speaker (5/2011)
On April 27, 2011, CAI’s New Hampshire Chapter hosted a legislative breakfast for New Hampshire legislators at the state capitol in Concord. The meet-and-greet served as a means to educate representatives and senators on the activities of CAI-New Hampshire and CAI’s national role across the country. New Hampshire legislators had the opportunity to discuss CAI with both state and national staff. Each legislator was also provided with hand-outs and informational materials covering the many different aspects of CAI’s mission. Read More...
Arizona Legislature Adjourned (4/2011)
The Arizona Legislature adjourned on April 20. Governor Brewer has signed six HOA-related bills and one is on her desk. All bills will become effective on July 20, 2011. The bills that will impact associations are: HB2245 will permit owners to audio or video record annual membership meetings, special membership meetings, and board of directors meetings that are open to the membership. The board of directors can adopt REASONABLE rules and regulations regarding the recording, but cannot preclude the recording. Read More... CAI Comments on Revised FHFA Transfer Fee Regulation (3/2011)
CAI has submitted a second set of comments in response to the revised draft regulatory guidance issued by the Federal Housing Finance Agency on private, deed-based transfer fees. FHFA issued a revised draft regulation on private, deed-based transfer fees in late January 2011. The revisions reflect input from more than 2,600 interested parties. As originally drafted, the FHFA private, deed-based transfer fee regulation would have prohibited federally backed mortgages for any property in a community with a private, deed-based transfer fee. Read More...
CAI Members Defeat Manager/Condo Deregulation in Florida (3/2011)
CAI’s work at both the national and local level in Florida preserved community associations and the community management profession throughout the state. By pooling their resources together, CAI’s Florida Chapters and LAC were able to work with CAI members and lobbyists to prevent the deregulation of community association managers and condominium trust. Read More...
FHA Issues Waiver on Leasing Restrictions (3/2011)
Leasing restrictions have been one area of the FHA condominium guidelines that has caused problems for associations seeking to get FHA approvals. CAI has brought this issue to FHA’s attention and has petitioned FHA to review these criteria. On March 18, 2011, FHA issued a waiver that will provide greater flexibility on leasing restrictions under the FHA condominium insurance program. This means that many condominium associations whose FHA approval was rejected due to rental restrictions may now qualify under the FHA waiver. Read More...
CCAL and CAI Attorney Member Surveys Guide CCCAL Board (3/2011)
The College of Community Association Lawyers (CCAL) Board of Governors met on March 10 and 11 to map out the future of the College. Founded in 1993 to recognize excellence in the practice of community association law, the College has had a growing role in shaping the law and the business environment for community associations. The College’s premier event is its sponsorship of the Annual Law Seminar which has seen attendance growth over 50% in the past five years. Read More...
CAI Fights Community Manager Deregulation in Florida (3/2011)
Florida Governor Rick Scott has prioritized the deregulation of various professions in Florida. As a result, The Florida House of Representatives Business and Consumer Affairs Committee has introduced legislation to deregulate community association managers. Read More...
CAI Calls on FHA for Stakeholder Input, Transparency in Condo Guidelines (3/2011)
CAI has reached out to the leadership of FHA to express concern over continued problems and mismanagement of the condominium insurance program. The program requires condo associations to get FHA approval for the entire association in order for any buyer to qualify for FHA financing to purchase a condominium unit. As FHA’s share of condominium mortgages has exploded during the housing crisis from less than 5% to 30% of all mortgages, sound underwriting guidelines and administration are critical to ensure appropriate qualification criteria are adopted. To date, FHA has continued to issue guidance with no public notice or stakeholder input. The result is an increasingly troubled program that is needlessly disqualifying healthy condominium associations and burdening homeowners with added compliance costs. Read More...
CAI’s NC-LAC and Chapter Team up for Law Day (3/2011)
CAI’s North Carolina Chapter and Legislative Action Committee (NC-LAC) teamed up to host their second Law Day for Community Associations on Saturday, February 26, 2010 in Durham, North Carolina. With more than 300 attendees, the even was an unqualified success. Read More...
Georgia LAC Raids Capitol, Pushes Priority Lien Bill (3/2011)
On February 22, 2010, CAI’s Georgia Legislative Action Committee (GA-LAC) hosted its second meet and greet with state legislators in the Capitol building in Atlanta. The goal was to educate representatives and senators on the importance of priority lien legislation supported by the LAC.Read More...
CAI issues an IAF Grant to Support Texas Legislative Battles (2/2011)
With Texas community association residents and managers facing more than 40 bills specifically targeting community associations, CAI’s Government and Public Affairs Committee has issued a $15,000 grant from the Issues Advancement Fund (IAF). The grant is to match funds raised by CAI chapters to support legislative efforts on behalf of CAI by the Texas Community Association Advocates (TCAA), which functions as CAI’s Legislative Action Committee in the state. Read More...
CAI Member Efforts on FHFA Regulation Featured in National Press (2/2011)
Ken Harney of the Washington Post Writers Group has recognized the work of CAI members and their grassroots effort to block the FHFA proposed regulation on deed-based transfer fees. In his article, which ran in the Sunday, February 13, 2011 Washington Post, and was picked up by papers across the country, he credits CAI members strong response for forcing the agency to rethink its efforts. Calling CAI members action “was swift and intense” and forced the FHFA into a posture of “Oops, sorry.” Read More...
FHFA UPDATE: FHFA ISSUES MAJOR REVISIONS TO DEED-BASED TRANSFER FEE PROPOSAL (2/2011)
Federal Housing Finance Agency (FHFA) has issued a revised draft of their proposed regulation on private transfer fees and their revisions reflect the comments expressed by CAI and its members. CAI expressed strong concerns over FHFA’s assertion that such fees do not benefit community associations. The new draft proposal will be open for public comment and CAI will follow up with a full analysis and sample comments in the coming days. Read More... Utah LAC’s Capitol Kick-Off (1/2011)
On Friday, January 21, 2011, the members of CAI’s Utah LAC and over 80 of their CAI colleagues kicked-off the legislative session with a luncheon at the Utah State Capitol. To memorialize the event the Governor declared January 21 as Community Association Day. Read More... CAI Joins Stakeholder Groups with Concerns on Qualified Residential Mortgage Regulations (1/2011)
CAI has signed on to a letter urging the federal government to take a studied approach to overhauling the mortgage finance system. Under provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, 7 federal agencies were empowered to draft regulations defining Qualified Residential Mortgages (QRM). The goal of developing QRM is to provide strong underwriting requirements and incentives for responsible lending and borrowing. If a mortgage does not meet the requirements established under the QRM regulations, a lender will have to retain partial ownership of the loan. This would be a strong disincentive to lending. For community associations the outcome of the QRM regulatory process could very well determine the future mortgage-ability of units in associations. Read More...
CAI Members Meet with FHA to Discuss Condominiums (1/2011)
On January 7th, a delegation of CAI members met with policymakers at the Federal Housing Administration (FHA), presenting the agency with practical difficulties condominium associations face when qualifying for FHA’s condominium mortgage insurance program. CAI’s member delegation focused on three problem areas that are preventing homeowners in many condominium associations from using FHA programs. Read More...
CAI Takes Action on Mortgage Regulations (1/2011)
In 2011, a host of federal agencies will be issuing regulations that will create Qualified Residential Mortgages (QRM). These regulations are required under provisions of the Financial Services Reform Act passed in 2010. Under a provision titled “Risk Retention,” lenders will be required to retain an ownership interest in each mortgage they lend unless the mortgage meets the requirements of a QRM. The effect of this new law will be to reset the rules governing mortgages including mortgage qualifications and lending criteria for properties in community associations. Read More...
"Heads-Up" Archives
http://www.caionline.org/govt/news/Political%20HeadsUp%20Public%20Document%20Library/House%20Subcommittee%20Moves%20Housing%20Finance%20Reforms.pdf