The majority (60%) of respondents identified as community association managers or board members working with condominiums and homeowners associations.
CAI supports and advocates on behalf of its nearly 43,000 members and the 74.1 million Americans living in community associations, commonly known as condominiums, homeowners associations, and housing cooperatives.Ī recent survey of CAI members shows that creditworthy borrowers have been denied credit to purchase homes and refinance mortgages in condominium and cooperative projects with no safety, soundness, structural integrity, or habitability concerns because of the temporary guidelines from Fannie Mae and Freddie Mac. 17, CAI sent a letter to the Federal Housing Finance Agency, requesting that implementation of the temporary guidelines be suspended at least for one year. When you restrict the opportunity to purchase a home, you open the door for essential housing stock to be scooped up by investors, the only buyers able to pay all cash for the purchase.” “Our preliminary research shows how our nation’s condo market, traditionally a first-time homeownership and senior citizen housing option for many buyers, is shrinking. Bauman, CAE, CAI’s senior vice president of government and public affairs. “While we recognize Fannie Mae and Freddie Mac’s new lending questionnaires are designed to address building safety and structural stability following the partial collapse of Champlain Towers South condominium in Surfside, Fla., the short timeframe of implementation and updated lender questionnaires have caught many homebuyers, condominiums, coops, and housing stakeholders by surprise,” says Dawn M. affordable housing market, according to Community Associations Institute (CAI), the leading international authority on the community association housing model.
CAI publishes preliminary research and new resources to support community associations navigating the lending questionnaires.įalls Church, VA, Ma(GLOBE NEWSWIRE) - Updated lending questionnaires from Fannie Mae and Freddie Mac introduced in late 2021 are creating questions and concerns for millions of homebuyers, condominium communities, and housing cooperatives, causing a potential disruption to the U.S.
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