Author Archives: chadwick

Author Archives: chadwick

Revised Virginia CICB Disclosure Forms Now Available

As we reported in our  Seminar Series, the 2018 Virginia General Assembly passed legislation effective July 1, 2018, directing the Virginia Common Interest Community Board (CICB) to revise the CICB Disclosure Form that accompanies POA disclosure packets. The legislation also required the CICB to create a new similar Disclosure Form to accompany Condominium resale certificates. These […]

HUD tweaks FHA Project Approval Standards – Condominiums with Less Than 50% Owner-Occupancy Can Apply for Exception

As we reported last year, a 2016 law directed HUD to loosen its approval standards so that condominiums with less than a 50% owner-occupancy ratio could potentially qualify for approval.  Under rules issued at the end of 2016, a condominium that has an owner-occupancy ratio below 50% (but no lower than 35%) can apply for […]

Congress Passes Law Requiring FHA to Loosen Project Approval Requirements

In late July 2016, President Obama signed H.R. 3700, the Housing Opportunity through Modernization Act.  This legislation alters the process utilized by the Federal Housing Administration (FHA) in determining if condominium unit owners qualify for a mortgage with FHA insurance.  FHA-insured mortgages are used by many first-time homebuyers to purchase homes, including condominium units. In 2009, […]

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