community association management: Attention Connecticut Condo Associations ... Are You Funding Your Reserves?? - 10/21/10 07:18 PM
Attention Connecticut Condo Associations ... are you funding your reserves?  It's time to prepare those budgets for next year.  When you do, make sure you're setting aside enough money to handle those inevitable repairs and updates down the road. No one likes being slapped with special assessments every time work needs to be done.  With proper planning they shouldn't be necessary.
Not only is it fiscally responsible to be funding your reserves - FHA and other mortgage lenders are now REQUIRING it.  Buyers wanting to purchase a unit in your communty will have difficulty getting approved for a mortgage if you're … (7 comments)

community association management: FHFA Proposed Ban on Private Transfer Fees - 10/14/10 04:20 PM
Your Comments are Needed! The Community Associaitons Institute has asked for help spreading the word about FHFA Proposed Ban on Private Transfer Fees.
The following was re-printed with permission .... On August 13, 2010, the Federal Housing Finance Agency (FHFA) issued a proposed regulation to ban the use of deed-based or covenant-based transfer fees. The proposal would prohibit Fannie Mae, Freddie Mac and all federal home loan banks from purchasing mortgages for properties in communities with deed-based transfer fees, e.g. any fee or payment required at time of sale of a property by a deed or covenant restriction. The impact … (6 comments)

community association management: Attention Connecticut Condo Associations - 09/06/10 03:15 PM
Are you acting in accordance with the new CIOA (Common Interest Ownership Act) law? In July sweeping changes were made to the laws that govern the way condominium associations operate. Are you aware of these changes? For example, the new CIOA law dictates how condominium associations hold their meetings.  Did you know you are required to give notice to unit owners of ALL Board meetings and that ALL Board meetings must be open? The new CIOA law affects the way condominium associations initiate foreclosures, adopt  budgets and prepare resale certificates. 
The new CIOA law also governs the way condominium associations … (4 comments)