Cohousing-L Mailing List: Request for Info on Freddie Mae & Mac Not Approving Condo/Coop Loans

[Sharon Villines (sharon]

The Community Associations Institute is requesting feedback on attempts to get 
a loan on a condo or coop from Freddie Mac or Freddie Mae. After the collapse 
in Florida, new requirements were added to ensure structural integrity. But 
they were implemented so quickly that it slowed or stopped the whole process. 

CAI wants to know if your community has been affected:

https://www.surveymonkey.com/r/Y3DLTRK

CAI irritatingly only recognizes Board Members, Community Managers, Management 
Company Executives, and Business Partners as sources. I check Board Member when 
I respond to them because, in fact, most cohousers are Board Members in the 
sense that they mean.

> CAI supports the intent of the new requirements and understands the need for 
> the government-sponsored enterprises to assess and mitigate risks associated 
> with their respective condominium unit and cooperative share mortgage 
> portfolios. CAI respectfully recommends a delay in implementation to support 
> this outcome by reducing uncertainty; allowing associations, their managing 
> agents, and service providers to produce documentation materials more 
> efficiently; and accounting for state and local government enactment of 
> appropriate condominium and cooperative project safety and financial solvency 
> standards.
> 
> CAI continues to engage in conversations with Fannie Mae and Freddie Mac 
> representatives, realtors, mortgage bankers, and others to find solutions 
> that can help avoid a regulatory bottleneck and loss of capital and liquidity 
> to the condominium and housing cooperative mortgage market.
> 
> We also are collecting data to better understand the impact of these new 
> requirements on condominiums and housing cooperatives. If you are aware of a 
> real estate transaction in a condominium and/or housing cooperative community 
> that has been delayed, disrupted, or stopped because of the new guidance from 
> Fannie Mae or Freddie Mac, please complete the survey.
> 
>  In addition, CAI has released a new guide for our members to help them 
> navigate the new requirements, including an FAQ section, that can be 
> downloaded www.caionline.org/condosafety We also hosted a webinar on Jan. 26 
> with representatives from Fannie Mae and Freddie Mac as well as community 
> association attorneys Edmund Allcock and Todd J. Billy, fellows in CAI’s 
> College of Community Association Lawyers. The webinar will be available 
> on-demand soon at www.caionline.org/webinars.


Sharon
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Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org