Aging in Place in Condominiums

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“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:

  • Immobility and/or accessibility
  • Mental and general health concerns
  • Social isolation and community involvement
  • Communication channels
  • Financial concerns
  • Preventing ageism discrimination

Learn more here and check out KSN's podcast on the topic here

New Fannie Mae and Freddie Mac Lending Requirements for Condominiums

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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.

Condo Board Member Boot Camp Webinar

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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

A Refresher on Enforcing Association Restrictions

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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.

Addressing Weather Related Flooding and Water Seepage in Your Condo

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A number of buildings have been affected recently by heavy storms and rain. Many climatologists believe that as a result of climate change, more frequent, severe weather will be part of our lives going forward.

As a result, everyone from realtors, homebuyers, and insurance companies to managing agents, board members, and attorneys are now grappling with how to protect properties from future storms. Condominiums, cooperatives, and homeowners associations have the same concerns.

Some boards have also had to answer questions about whether their associations are required to make certain weather-related repairs, or whether those repairs are the responsibility of unit owners.

Check out these 10 steps that condos, co-ops, and homeowners associations can use to be better prepared for the next weather disaster and potentially sidestep some of the headaches that can result.