This week, CAI government and public affairs volunteers and staff met with leaders from the U.S. Department of Housing and Urban Development to discuss condominium safety regulatory and legislative solutions. CAI identified financial resources that may help homeowners and condominium associations finance structural integrity projects.
- Clarifying Community Development Block Grant and/or other Department-administered grant funds may be used by local and state governments to fund initiatives for condominium safety, soundness, and habitability of condominium and cooperative housing.
- Endorsing the SAFER Condos Act by U.S. Rep. Charlie Crist, D-Florida, to authorize Federal Housing Administration (FHA) insurance of loans and mortgages under the Title I property preservation and 203(k) rehabilitation programs that fund condominium association special assessments for structural repairs and financial reserves for future repairs. For the SAFER Act to pass, we need your help. Please click here to contact your U.S. House of Representatives member to urge them to support the SAFER Condos Act.
- Working to modify FHA multifamily mortgage insurance programs to authorize blanket mortgage insurance for loans obtained by condominium associations to finance structural repairs.
- Exploring policies to enable participation by cooperative unit owners and cooperative corporations in Department programs that support financing project-level structural repairs.
This meeting was another step in our conversations with HUD leaders to explore and support financial solutions for condo safety. A special thank you to the meeting participants, including:
Ron Perl, Esq.
Hill Wallack, LLP (New Jersey): Chair, CAI Federal Legislative Action Committee; CAI National Past President; CAI New Jersey Chapter; CAI New Jersey Legislative Action Committee; Fellow, College of Community Association Lawyers
Ronald L. Perl is a partner in the Princeton, N.J. office of Hill Wallack LLP and a member of the firm’s Management Committee. He is partner-in-charge of the firm’s Community Associations practice group.
Mitch Frumkin, PE, RS
Kipcon Engineering, Inc. (NJ, PA, NY): CAI National Past President; Co-Chair, CAI Surfside Response Reserve Study & Funding Plans Policy Taskforce; CAI New Jersey Chapter; CAI Keystone Chapter; Member, CAI New Jersey Legislative Action Committee; Co-Chair, CAI Surfside Response Reserve Study & Funding Plans Policy Taskforce
Mitchell H. Frumkin founded Kipcon, Inc. in 1986 and fosters its growth with constant innovation and education. A Licensed Professional Engineer in eighteen states, Mr. Frumkin holds the Community Associations Institute’s (CAI) Reserve Specialist designation. A recognized industry expert, Mitch Frumkin is a frequent speaker, writer, and committee member on the state and national levels for the CAI, NAHB, and many other professional organizations.
(Virginia) Assistant Vice President, National Cooperative Bank: Member, CAI District of Columbia Legislative Action Committee
Mr. Plank provides financing solutions to condominium associations, homeowner associations and housing cooperatives throughout the DC Area, including term loans (amortized), lines of credit, and balloon loans.