Posted by David Swedelson, Partner, SwedelsonGottlieb
Community Associations Institute (CAI) is petitioning Congress to host oversight hearings examining the Federal Housing Administration (FHA) and its management of the FHA condominium insurance program. If your condominium association has applied for FHA approval, CAI would like you to take a short survey. The survey will help CAI collect data on issues with the FHA’s administration of the program. CAI will share the summary results of the survey with members of Congress in their effort to highlight many of the problems we are hearing from condominium associations across the country. The survey will close on April 6, 2011.
CAI reports that FHA currently accounts for one in three condominium mortgages. The criteria FHA has adopted and FHA’s administration of the approval process are increasingly a problem for condominium associations seeking to qualify for FHA mortgages. You can read CAI’s latest letter to officials at FHA here; it outlines our members’ issues with the current process. CAI is seeking better Congressional oversight of FHA, FHA engagement in public notice and stakeholder input prior to the adoption of any regulations governing the condominium program and FHA amendment of its current criteria on assessment delinquencies, rental restrictions and other issues that do not represent realistic criteria for assessing an association’s health.
Your response will help us ensure the continued viability of condominium associations across the country.
Thanks in advance for your response, and if you have any questions, please email them to: government@caionline.org with the subject line of “FHA Survey”.