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FHA DEADLINE EXTENDED
The Federal Housing Administration (FHA) announced extension of condominium project approvals with an expiration date of December 7, 2010 and urges all condominium communities wishing to retain FHA approval to complete the recertification process.
Provided below are the extension dates based on five-year time frames with the exception of those condominium projects with original approval dates from 1972 -1985.
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PROPOSED BAN ON DEED TRANSFER FEES THREATENS COMMUNITY ASSOCIATIONS AND CONDOMINIUM OWNERS
If homeowner associations are feeling a little like the moles in 'whack-a-mole,' it's not hard to understand why. Every time they look up, it seems, condominiums are being 'whacked' by federal regulations, which, though aimed at correcting problems in the financial and housing markets, are exacerbating existing problems or creating new ones in common interest ownership communities.
The latest example: The Federal Housing Finance Agency (FHFA) has proposed a rule that would prohibit Fannie Mae, Freddie Mac and the Federal Home Loan Banks from purchasing residential mortgages on properties encumbered by deed transfer fees collected every time the property is sold.
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CONDOMINIUM ASSOCIATION AGREES TO PAY $150K TO DOJ OVER CHILD FINES
The Justice Department recently announced that it settled a lawsuit against a North Shore, Massachusetts Condominium Association over allegations they regularly discriminated against residents with children. According to the DOJ, the condominium complex was fining families $500 when their children violated condo rules by playing tag or wiffle ball games in outdoor common areas while residents without kids were fined only $10 for similar rules infractions.
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