Having a full and functional board is critical to the efficient operation of any shared community, and despite its bad rep, serving on the board can actually be a positive experience for board members.
The most common hesitations about serving on the board include time constraints, perceived complexities of board responsibilities, and a sense of detachment from the decision-making process. But how accurate are these perceptions?
Read more, here.
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:
- Immobility and/or accessibility
- Mental and general health concerns
- Social isolation and community involvement
- Communication channels
- Financial concerns
- Preventing ageism discrimination
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.