Category: Repair and Maintenance

Categories: Community Association Management, Financial & Reserves, Insurance, Repair and Maintenance Tags: Fannie Mae, Freddie Mac, Reserves

By Richard S. Ekimoto, Esq. A few weeks ago, we posted about Fannie Mae & Freddie Mac Changes in its Reserve Requirements for Condominium Associations. Fannie Mae and Freddie Mac also made some other changes related to insurance requirements for condominium projects. These changes include: Deductibles for the Master Insurance Policy Fannie Mae and Freddie Mac has established a limit for the deductible on the Association’s Master Policy. The “maximum allowable per unit deductible for [Read More...]

Categories: Board Duties, Enforcement, Repair and Maintenance

Most people involved with condominium associations understand that sometimes it is necessary to undertake repairs and maintenance of the common elements which might displace residents. For some reason, there have been a few recent instances where residents have challenged the right of an association to force the owners to vacate their units for this purpose. These cases have been complicated by the fact that very few condominium declarations and bylaws have provisions expressly authorizing the [Read More...]