pud: How Many Community Associations Are in Your State? - 10/12/14 03:11 AM
How Many Community Associations Are in Your State?
The Community Associations Institute (CAI) publishes a report about the national statistics of community associations.  Among other data, it includes information about the national number of community associations, a rough number of community association managers and an estimated combined gross budgets of community associations.
A “community association” is either a planned community (or “PUD”), condominium or cooperative.  CAI estimates that 50%+ are planned communities, 45-48% are condominiums and 3-4% are cooperatives.  These are not easy figures to come by and that is why estimates are provided.
CAI estimates that there were 328,500 associations … (5 comments)

pud: The Essentials of Common Interest Communities Part Deux - 03/02/14 10:48 PM
The Essentials of Common Interest Communities Part Deux
In a previous article, I wrote about the basics of home ownership in common interest communities: condominiums, planned communities or PUDs, and cooperatives.  This article will tackle some of the basics about the Association, the legal governing documents and the monthly maintenance fees.
The Association and Board of Directors
By purchasing into a common interest community, the unit owner becomes a member of the Association which may also be called a Homeowner’s Association, a Community Association or a Condominium Association.  In a cooperative, they’re simply referred to as shareholders.
They all mean basically … (7 comments)

pud: The Essentials of Common Interest Communities - 03/02/14 09:47 PM
The Essentials of Common Interest Communities
There are three types of common interest communities in my state of Connecticut and in most states.  They are condominiums, planned communities and cooperatives.  Each state has its own version of these but the descriptions provided below are similar throughout the states.  This article will be about the basics of homeownership of each.
Cooperatives
I’ll start with cooperatives first to get it out of the way.  This is the one of that I know the least about for two reasons: (1) there aren’t many in Connecticut and (2) they have nothing to do with FHA … (31 comments)

pud: What is the Difference Between a Condominium and a Townhouse? - 02/17/14 04:05 AM
What is the Difference Between a Condominium and a Townhouse?
I can answer this in one sentence: a condominium is declared a condominium.
Yes, it is really that simple but I have read several articles on this topic and all missed this very important aspect.  They have talked about building plans, owning the adjacent plot of land and homeowner’s associations but the bottom line is that in order for something to be called a condominium, it must be declared one.
Common Interest Communities
Common interest ownership means that the units have unit boundaries which the unit owners own exclusively and everything else (open … (11 comments)

pud: More FAQ’s For FHA Condo Approvals - 01/12/14 01:36 AM
More FAQ’s For FHA Condo Approvals
I wanted to follow up my previous article FAQ’s for FHA Condo Approvals with another installment of FAQ’s.  I receive inquiries on a routine basis so I  can’t place all of them in one article!
My condominium’s FHA approval will expire before I close.  Will I still be able to close?
Generally, the answer to this is “yes” so long as the loan’s case number was assigned prior to the expiration of the approval.  I dedicated an entire article to this topic if you want more information.
I live in a planned community.  Does the … (5 comments)

pud: What is the Difference Between HUD and PUD? - 08/15/13 09:59 PM
 
What is the Difference Between HUD and PUD?
 
I receive many email inquiries that are generated from my ActiveRain articles.  I have been fortunate that there has been interest in some of my recent posts which has increased the number of email that I receive.
…Which gives me topics for more articles!
This is an email that I received this week from a real estate agent who has had financing fall through on a townhome.  The lender cited that the reason for the denial was because the subject property was in a PUD.  From the very limited information, I … (5 comments)

pud: FHA Condo Approvals – PUD/Condo Project…What?! - 05/12/13 11:03 PM
FHA Condo Approvals – PUD/Condo Project…What?!
During my time helping condominium projects to get approved with HUD, I run into many different types of projects…
…but this one left me scratching my head.
In the State of Connecticut, there used to be a form of common interest ownership called a Planned Urban Development – or PUD, for short – whereby the free-standing, single-ownership homes were units in an associated project.  The unit owners own the interior and exterior of the units and are responsible for the insurance and maintenance of both.  They own the land upon which the unit sits and … (3 comments)