S.H. from Litchfield County writes: Dear Mister Condo, My condo board seems to be selectively enforcing parking rules. The board has made it clear that condo owners may not use visitor parking for their own personal vehicles and have sent notices to some owners that do so, but the president and some others do not…
Tag: FHA
Minimum Payment to Association Reserve Fund Law?
R.B. from Litchfield County writes: Dear Mister Condo, Is there a state of Connecticut law which requires a minimum payment to the Association Reserve account? Mister Condo replies: R.B., at this time, there is no state law mandating that common interest communities like condominiums, co-operatives, time shares, or homeowner’s associations (HOAs) make minimum annual contributions…
FHA Condo Accounting Question
R.C. from New Haven County writes: Dear Mister Condo, The FHA requirement for associations to put 10% of the common charges into a separate Reserve account creates a problem with using a spreadsheet. The agency we are using to assist with our FHA compliance explains that the 10% value must be based on Common Charges,…
FHA Condo Recertification Lapsed; Refinancing No Longer An Option
P.O. from New Haven County, Connecticut writes: Dear Mister Condo, Last year, my condo association was FHA certified. Now there are new people on the Board and they let the FHA certification lapse. I am trying to get a 2nd Mortgage on my unit and the bank says it is a “no go” because of…