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Using FHA Approval to Market Your Condominium Association

  For condominium association boards looking for ways to enhance property values and market their community to potential new buyers, having the condominium association approved for FHA-backed loans is potentially one of the most effective ways a board can go about this.  In order for a buyer using an FHA-backed loan to purchase a unit […]

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Update to Condominium Rules and Regulations

  TIME TO UPDATE RULES AND REGULATIONS REGARDING CONDOMINIUM ASSOCIATION RECORD REQUESTS AND USES FOR COMMERCIAL PURPOSES With the adoption of Public Act 100-0292, which will take effect on January 1, 2018, several significant changes will take place with respect to the rights of owners within condominium associations to inspect and copy records of a […]

Common Area Basics

COMMON AREA ISSUES Most associations have common areas.  These can range from simply a detention pond or two and/or maybe a few subdivision entry signs for a large detached single-family home community on one end of the scale to recreational facilities (such as a clubhouse, pool, tennis courts, etc.), parking lots and lakes used for […]

New FHA Owner Occupancy Requirements

HUD ANNOUNCES NEW FHA OWNER OCCUPANCY REQUIREMENTS The U.S. Department of Housing and Urban Development (“HUD”), recently published Mortgagee Letter 2016-15, which modified the owner occupancy requirements for condominium associations seeking Federal Housing Administration (“FHA”) approval.  Prior to the adoption of Mortgagee Letter 2016-15, a condominium association with an owner occupancy rate of under fifty […]

STOBE: Leasing Restrictions Going Forward

  LEASING RESTRICTIONS AFTER STOBE v. 842-848 WEST BRADLEY PLACE CONDOMINIUM ASSOCIATION Recently, on February 3, 2016, the Illinois First District Appellate Court, Third Division, issued a ruling in the case of Stobe v. 842-848 West Bradley Place Condominium Association (2016 IL App (1st) 141427) pertaining to certain leasing restrictions within condominium associations.  At this […]

Satellite Dish and Television Antennas in Associations

THE DISH ON SATELLITE DISHES AND TELEVISION ANTENNAS IN ASSOCIATIONS A frequent topic that arises in all types of associations is the placement of satellite dishes and television (“TV”) antennas by owners. Many associations simply have in place a blanket requirement prohibiting owners from installing these items without the prior approval of the board. While […]

Does the Property Management Agreement meet the Association’s needs?

A FEW SIGNIFICANT ISSUES TO FOCUS ON IN CONDOMINIUM, HOA and TOWNHOME ASSOCIATION PROPERTY MANAGEMENT AGREEMENTS One of the most important individuals involved in keeping many condominium, homeowner and townhome associations going on a day-to-day basis is the property manager. Professional property managers often provide invaluable service to these associations, whose boards of directors are […]