Transfer fees paid to homeowners’ associations are safe!
The Federal Housing Finance Agency (“FHFA”) has changed its proposed rule. As you will recall, FHFA had proposed a rather sweeping rule which called into question the ability of common interest communities to collect transfer fees, capital contributions or similar one-time assessments when a property is transferred. CAI weighed in heavily on this subject matter, pointing out the negative effects of such a rule. The result is that FHFA has revised the proposed rule.
The FHFA press release stated that:
FHFA has determined to propose a rule with a narrower focus. . . . In summary, the principal differences between the proposed guidance and the proposed rule are:
1. FHFA proposes to except from the rule private transfer fees that are paid to homeowners’ associations and similar associations, and to tax-exempt non- profit organizations, where the fees are used for the direct benefit of the encumbered properties.
2. FHFA proposes to make the rule prospective in effect, so that it applies to private transfer fee covenants created after the publication date of this proposed rule.
3. FHFA allows an implementation period of 120 days for the regulated entities.
The public participation was crucial to getting the FHFA to change its proposed rule. More than 4,210 comment letters were sent to the FHFA. This included comments from CAI and numerous homeowners, cooperative, and condominium associations; individuals living within such associations; community associations; and other nonprofit organizations.
Tarley Robinson, PLC, Attorneys and Counsellors at Law
Williamsburg, Virginia
CAI Workshop in Richmond – Essentials of Community Association Volunteer Leadership
The Center for Community Association Volunteers for the Community Association Institute is offering an invaluable workshop called The Essentials of Community Association Volunteer Leadership. The course is being held on Saturday, October 22, 2011 from 9:30 a.m. to 3:00 p.m. and is sponsored by the Central Chapter of Community Associations Institute.
For your convenience, we have attached a Registration form that provides more information.
Seminar: Deed Restrictions
Susan B. Tarley will be presenting Deed Restrictions for the Advanced ABC’s course for the Central Virginia Chapter of CAI. This is the third and most advanced track of CAI’s Homeowner Education Curriculum. Date: November 13, 2010 from 8;30 a.m. to 3:00 p.m. at Brandermill Clubhouse in Midlothian. Two other components are being presented – Building Community and insurance Matters. Contact CVC-CAI Executive Director, Stacey Drayer at sdrayer_cvccai@verizon.net or 804-739-7655 to register. We’ll post an outline of the presentation.
Susan Tarley named to CAI Legislative Action Committee
Susan was named recently to the Community Association Institute’s Virginia Legislative Action Committee (“VALAC”). VALAC monitors legislation affecting Virginia community associations in which more than 500,000 homeowners reside. VALAC is known as the “resource for providing accurate, timely, influential input to Virginia legislators.” You can follow Legislative Updates regarding community associations for the upcoming General Assembly session here.
Susan has long been an active participant in the CAI as a Board Member and Past President. If you have any legislative suggestions, call or send an email.
Tarley Robinson February 2011 Newsletter
February Tarley Robinson Newsletter
Topics include a discussion of email scams. Also, we’re sure that you have already made your diet or exercise New Year’s Resolutions. Hopefully you are still on track! For your homeowners association, here’s a simple, but effective and invaluable list of suggested New Year’s Resolutions.
