2023 is flying by and it's already time to prepare to 2024!
Haus Financial Services is fully entrenched in budget season as we prepare Draft Budget Packages for all clients on our Basic Service Package. As we quickly approach the last quarter of 2023, board members must take stock of what needs to be started and/or completed as we conclude this year and look to 2024.
Learn more here.
“Aging in place” refers to the ability of a homeowner to remain living in their own house and community independently as they age rather than moving to a retirement or assisted-living facility.
In 2019, about 16.5% of the American population was over the age of 64. By comparison, that number is projected to reach 22% by 2050.
With that in mind, condominium, homeowner (HOA) and townhome associations should consider an aging population when evaluating their community policies, including:
Learn more here and check out KSN's podcast on the topic here.
In July, Fannie Mae and Freddie Mac introduced updates to project eligibility standards for condominiums and housing cooperatives in the United States.
As of 2023, Fannie Mae and Freddie Mac support roughly 70% of the mortgage market, making their standards crucial for condominiums and housing cooperatives. The new requirements, set to take effect on September 18, have significant implications for these community associations.
The changes will necessitate thorough documentation, including insurance policies, budgets, financial reports, reserve studies, and more. Failure to provide this information as requested by lenders could render a project ineligible, potentially causing financial difficulties for the association.
Find the key highlights of the updated standards here.
Brainy Board is a free virtual boot camp geared towards community association board members. KSN attorneys will teach the essentials to running a successful board.
Saturday September 23rd, 2023
8:30AM to 10:30AM CST
Virtual - Zoom
During this 2-hour boot camp, KSN’s experienced attorneys will review board member responsibilities related to rule enforcement, litigation, meetings, and voting in condominium, homeowner, and townhome community associations.Member Boot Camp.
Register here.
Every community association has owners who violate the association’s community guidelines. To ensure harmony and cohesiveness, the board of directors must enforce the restrictions outlined within the guidelines.
However, too often, avoidable mistakes occur during the enforcement processs. These mistakes can affect the board and management’s credibility within the community and create unnecessary tension and hostility.
Check out these tips for enforcing community association restrictions.