June is National Homeownership Month. It’s a time when we recognize the importance of the programs and policies that help millions of Americans attain and maintain ownership of safe and affordable homes.
Often, condominiums and housing cooperatives are the most affordable starter homes, and CAI continues to support legislation promoting safety and structural integrity across the country. To learn more about CAI’s commitment to structural integrity and resources on condominium safety, visit CondoSafety.com.
The U.S. Department of Housing and Urban Development through the Federal Housing Administration, Fannie Mae, Freddie Mac and the Veterans Administration can help homeowners finance a home. Federal entities also can help condominium associations finance critical maintenance projects.
However, Fannie Mae and Freddie Mac continue to maintain a blacklist of properties that are ineligible for these critical funds. CAI is working to bring more transparency to this system and advocates for sensible changes to Fannie and Freddie’s lending eligibility guidelines to allow the greatest number of associations to access the capital needed to complete critical projects. To support these efforts, CAI prepared guidance to help community associations understand and address lending eligibility issues that may lead to denials of an association’s loan request.
Check out CAI’s Housing Affordability Advocacy Priority for legislative tracking and additional resources. CAI advocates for common-sense legislation across the country to combat rising housing costs while maintaining the integrity of the community association housing model. Construction of safe, new condominiums should be a priority of legislators to combat rising housing costs, protects homebuyers and homeowners, and ensure the development of quality housing.
