In June 2022, a 12-story beachfront condominium in Surfside, Florida, partially collapsed, killing nearly 100 people. It is considered one of the deadliest building collapses in US history.
Upon further investigation, it was determined that a combination of factors, including design/construction deficiencies, building deterioration, and insufficient maintenance/repairs, caused the collapse.
In response, The Federal National Mortgage Association (known as FNMA or Fannie Mae) and the Federal Home Loan Mortgage Corporation (known as FHLMC or Freddie Mac) created new requirements impacting condo associations.
Fannie Mae maintains a list of “unavailable” properties with issues involving environmental hazards, title issues, structural problems, and/or other issues that would affect the safety, soundness, or marketability of the property. Properties on the unavailable list are ineligible for Fannie Mae financing and lending.
Learn more here.