Category Archives: Federal

Federal – HOME Act Introduced to Allow Tax Deduction for Certain Assessment

Helping Our Middle-Income Earners (HOME) Act

Yesterday, two members of the U.S. Representatives from California, Rep. Anna Eshoo and Rep. Mike Thompson introduced the Helping Our Middle-Income Earners (HOME) Act.  If passed, the HOME Act would allow certain homeowners to deduct up to $5,000 in qualified homeowners association assessments from their federal tax liability.

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New Jersey – In re Rones

Whispering Woods Condominium Association, Inc. v. Rones (New Jersey – Bankruptcy)

The decision of the U.S. District Court for the District of New Jersey to reverse an earlier, published decision from U.S. Bankruptcy Court for the District of New Jersey has national consequences in limited super-priority lien states.

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Federal – Disaster Assistance Equity Act Promotes Fairness in Disaster Relief

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Representative Steve Israel (D-NY) introduced a legislative change to the Stafford Disaster Relief and Emergency Assistance Act (“Stafford Act”) in October 2015 (HR 3863 – Disaster Assistance Equity Act).  HR 3863 provides that community associations are eligible for federal assistance following a disaster that would include debris removal and cleanup.

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Federal – Landslide vote in House bodes well for easing limits in condo sales

Landslide vote in House bodes well for easing limits on condo sales

Everybody knows that congressional Democrats and Republicans can barely agree on anything. Yet in a rare and fleeting moment of unanimity in the House of Representatives, they recently approved legislation that could expand purchase prospects for thousands of people looking to buy their first home.

“Bottom line: The bill is great news for first-time and moderate-income buyers, but don’t expect changes overnight. It still must pass the Senate and get the president’s signature, but a 427-0 bipartisan vote in the House bodes well for both.”

National – NAR: ‘Burdensome’ FHA Rules Make It Difficult To Buy, Sell Condos

MortgageOrb: NAR: ‘Burdensome’ FHA Rules Make It Difficult To Buy, Sell CondosWhile the Federal Housing Administration (FHA) has loosened its condominium approval requirements in recent years, many properties continue to struggle to meet overly stringent criteria, and the majority of properties are being denied, according to a panel at the “How Do FHA Condominium Rules Impact Your Business?”

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Connecticut – Stratford homeowners green light EPA testing

Stratford homeowners green light EPA testingThe Environmental Protection Agency wants to test the water under the complex to make sure the contaminated water does not extend beyond boundaries originally assigned to it by regulators. Ron Jennings, a longtime EPA project manager for Raymark waste remediation, said regulators don’t expect to find contaminated groundwater beneath the complex.

via Ctpost