Update on proposed federal regulation on deed-based transfer fees - Coastal Association Law Group
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Update on proposed federal regulation on deed-based transfer fees

17 Sep Update on proposed federal regulation on deed-based transfer fees

An Important Message from CAI:

Over the past few weeks, CAI has worked to alert you to a proposed federal regulation on deed-based transfer fees that would prevent residents in many community associations from obtaining mortgages. Your response has been overwhelming. We need your help to keep pressure on the FHFA to ensure they see the harm this regulation would cause if HOA fees are not excluded.

Please take a moment to send a letter to your member of Congress and to your U.S. Senators so they are aware of the FHFA’s actions. You can do so by clicking here and following the instructions.

The FHFA was established by Congress, and we need to make them aware that the proposed regulation, framed as a consumer protection measure, will actually devastate communities across the country. Members of Congress can reach out to FHFA on this issue. This provides another avenue for CAI members to affect the process.

To date, your assistance on this issue has allowed us to:

  • Gather survey data from more than 1,000 communities across the country. This data will help us demonstrate to the FHFA that their concerns about such fees used by community associations are not only misplaced, but ignore a thirty year history of these fees to benefit their communities.
  • Empower our members to submit comments to FHFA to inform them about how this issue would impact individual communities across the country.

To access the FHFA Legislative Action Page, click here or paste the link below in your browser.

Link: http://www.caionline.org/govt/news/Political%20HeadsUp%20Public%20Document%20Library/LinkedHow%20to%20Contact%20your%20Congressman%20and%20Senators%20on%20FHFA%20Regulation.pdf

If you have any questions, please contact the G&PA department at government@caionline.org.

Your action will help us fight the FHFA regulation and keep association properties marketable.

Thank you, in advance, for your actions.

Andrew Fortin

Vice President, Government & Public Affairs