Be a CCS
. . . for Success!™
National Designation Program
Published Date 7/7/2023
Big news hit the housing market this Wednesday July 5th! Heavy hitters of the housing world, Fannie Mae and Freddie Mac, unrolled some fresh updates. They're putting a sharper focus on their condominium and co-operative project standards policies. Why? To help bolster the safety of properties in desperate need of repairs and special assessments.
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Numerous reasons for the rising ownership costs in condominium developments and planned communities have been given lately in the media. These recently mentioned costs are being attributed to inflation, rising interest rates and increased property management operations expenses. The fact is many property management companies who provide such services as HOA accounting, reserve study inspections and preparation, and HOA management services have increased their fees significantly over the past few years. But besides these operational costs, the biggest increased cost stressor to HOA community homeowners and boards involves the physical aspects of building reinforcement, maintenance, inspections, replacement and repairs. This is due to the recognition of aging buildings and amenities that make up the community that were not previously anticipated in HOA financial planning.
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