Federal Legislation Supports Condo Structural Repairs
On April 18, US Reps. Charlie Crist and Debbie Wasserman Schultz introduced the Securing Access to Finance Exterior Repairs (SAFER) in Condos Act of 2022, in response to the partial collapse of the Champlain Towers South in Surfside, Florida.
The legislation allows condominium homeowners to finance critical building repairs with loans backed by the FHA. It is inteded to reduce upfront costs to condominium homeowners facing special assessments to finance necessary building repairs.
Learn more about the SAFER in Condos Act here.
About Condo/HOA Q&A
CAI Illinois is the Illinois chapter of Community Associations Institute, an international membership organization dedicated to building better communities. CAI knows that the best community associations have the best boards. The best board members are educated and prepared to lead their communities successfully.
Leading your association is challenging, and CAI's Condo/HOA Q&A is here to support you and help answer your questions. You can access a wealth of additional information and resources on the CAI Illinois website.
View all of their informative on-demand webinars here.
Which type of management is best for your condo association?
Determining which type of management is best for your HOA is an important board decision for associations of all sizes.
The best solution for managing your condominium will depend on the size of your community, the resources that are available to you and the amount of effort volunteers are willing to contribute. However, all associations can benefit from some level of professional support to keep your community running smoothly.
For small associations with limited resources and low volunteer engagement, Haus Financial Services is an excellent option. Learn about how HausFS can help here.
To learn more about the different types of management options for all associations, check out this article.
22.1 Disclosures in Illinois Community Associations
Section 22.1(a) of the Illinois Condominium Property Act describes the information that the owner must obtain from the board for inspection by a perspective purchaser, upon demand, in the event of any resale of a condo unit by a unit owner.
22.1 disclosures are meant to protect the buyer, seller, and the community association.
Check out what’s included in a 22.1 Disclosure here.