Condo Living Made Easy.
Updated Approval Rules for Condos
- Details
- Written by Alexa Jackson
- Category: What We're Thinking About Lately...
FHA-insured mortgages help creditworthy first-time, minority, and underserved households achieve homeownership.
However, after the 2008 housing crisis, the FHA condominium approval process severely impacted access to these mortgages, shutting many out of condo homeownership.
In fact, condominium unit mortgages currently account for less than 2% of all FHA-insured mortgages.
The FHA recently announced changes to streamline their condo project approval process and expand homeownership for many Americans.
Important elements of the newly released approval process include:
- As long as the condominium is financially stable, the FHA will insure up to 10% of mortgages in condos without FHA approval.
- FHA approvals for condominium projects will be expanded from two years to three years.
- Condo projects seeking recertification will no longer be required to resubmit all project information. Instead, they will only be required to update new information.
- Mixed-use condominium projects with up to 45% commercial space will be eligible to apply for approval.
- The FHA will insure up to 75% of condo unit mortgages in a condominium project.
To learn more, click here.
New Ordinance Gives More Power to Condo Owners Who Want to Keep Their Homes
- Details
- Written by Alexa Jackson
- Category: What We're Thinking About Lately...
Lately, investors have been buying up condo buildings as Chicago rent has increased. However, this has negatively affected the condo owners who don’t want to sell.
On September 18th, the City Council passed an ordinance that gives more power to condo owners who want to keep their homes. Now, condo owners will need to persuade more of their neighbors to sell all units in a building to a developer.
This new ordinance increases the votes of ownership in a condo from 75% to 85% in favor of a bulk sale.
To learn more, click here.
Who is Responsible for Maintaining Limited Common Elements?
- Details
- Written by Alexa Jackson
- Category: What We're Thinking About Lately...
Common elements, like sidewalks, park benches, elevators and streetlights, are shared property that is maintained by an association and used by all residents. The money for these elements comes for the community’s operating reserves, which are funded by all annual assessments.
But who is responsible for maintaining limited common elements that are only used by one household, like balconies, parking sports and roofs?
It is important for board members, attorneys, and community managers to look to an association’s covenants, conditions and restrictions, for the definition of their limited common elements and who is responsible for upkeep. This is especially important when determining who is responsible for maintaining unseen limited common elements, like wiring and plumbing pipes.
To learn more, click here.
Self-Managed Condo Board Member Best Practices Forum and Networking Session on November 6
- Details
- Written by Alexa Jackson
- Category: What We're Thinking About Lately...
On November 6, 2019, a forum will be hosted on condo board best practices. This open discussion will feature panelists - including Haus Financial Services and ChicagoCondoResources.com’s very own, Lauren Peddinghaus - with backgrounds in reserve studies, finance and building maintenance.
All Panelists:
Walden Engineering Consultants - Reserve Studies - Trey Walden
Haus Financial Services, LLC - Finance - Lauren Peddinghaus
Fix-it-People - Property Maintenance - Tom Patton
Hosts include:
Real Living City Residential - Residential Realtor - Neil Hackler
Home Carpet One - Design & Flooring - Shelli Banes
American Family Insurance - Assoc. & Home Insurance - Michael Plageman
Following the panel discussion, there will be an open networking session with hosts, panelists and other condo boards. Appetizers and drinks will be provided.
Learn more and register here.
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"Ask the Expert"
Who is responsible when repairs damage a neighbor's unit?
Q. Who pays for repairs on a limited common element private use deck?
Can condo meeting minutes be approved outside of an open meeting?
Q. Our board does not meet as often as monthly, so is there another way to approve minutes between open meetings?
Do all owners approve minutes for the annual meeting?
Q. Is it true that all unit owners need to approve the minutes of the Annual Unit Owner's Meeting?
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