Law & Legislation Roundup 2024

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According to the Foundation for Community Association Research’s Community Association Fact Book 2023, 30% of the U.S. population now resides in condominium communities, housing cooperatives, or homeowners associations, a number that has been rising since 1970. Consequently, community associations significantly impact legislation, and several bills in Illinois, such as SB2740 for accessible parking and HB4125 for property taxes, are being considered.

Additionally, the federal Corporate Transparency Act's reporting requirements, effective this year, will likely affect these communities, demanding disclosure of sensitive information about board members and beneficial owners. 

Learn more here

Reminder! Funding Capital Repairs: Bank Loans - FREE Webinar THIS Thursday

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Have large captial repairs projects you've been neglecting due to a lack of funds?

The next free Condoly webinar will focus on the process of applying for a bank loan to fund large capital repair projects so they don't cause bigger problems down the road.

Documentation requirements, loan terms options and the proper process for approving a loan will be reviewed.

Join Condoly and their special guest on Thursday, August 29th at 6:30 pm to learn all about bank loans for capital repairs.

Register your FREE Condoly account or Sign in to your existing Condoly account to register.

Holding Orderly, Efficient Annual Meetings

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Apathy is a significant issue among residents of co-ops, condos, and HOAs, making it challenging to get them to participate in governance, even with the rise in community associations, which now house 30% of Americans. Efficient and productive meetings, essential for maintaining property value, can be achieved by setting and adhering to a detailed agenda, utilizing professional presentation decks, and organizing Q&A sessions effectively. Virtual meetings, though convenient, might lack the social engagement of in-person meetings. Offering incentives, like small prizes or social events, and emphasizing the importance of protecting their financial investments can encourage attendance.

Learn more here.

Funding Capital Repairs: Bank Loans - FREE Webinar on 08/29/24

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The next free Condoly webinar will focus on the process of applying for a bank loan to fund large capital repair projects.

Documentation requirements, loan terms options and the proper process for approving a loan will be reviewed.

Join Condoly and their special guest on Thursday, August 29th at 6:30 pm to learn all about bank loans for capital repairs.

Register your FREE Condoly account or Sign in to your existing Condoly account to register.

Corporate Transparency Act: Tell Washington to Exempt Community Associations

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The Community Associations Institute is urging support for H.R. 9045, introduced by Representative Richard McCormick, which seeks to exempt community associations from the Corporate Transparency Act's (CTA) beneficial ownership reporting requirements.

This Act mandates detailed annual filings to the Financial Crimes Enforcement Network (FinCEN), including sensitive information about board members and individuals with substantial control, with noncompliance resulting in severe penalties. The CTA aims to combat money laundering and terrorist financing but imposes significant burdens on community associations. These associations, operating similarly to tax-exempt entities, should receive the same exemptions as other tax-exempt organizations.

The Institute emphasizes the urgency for House members to co-sponsor the bill and for the Senate to introduce a companion bill, urging community members to contact their representatives and advocate for support.

Click here to Contact Your Member of Congress Today in Support of H.R. 9045

Learn more about your board's reporting requirements for the Corporate Transparency Act here.