{"id":21709,"date":"2023-02-13T13:05:35","date_gmt":"2023-02-13T13:05:35","guid":{"rendered":"https:\/\/www.anthonydidonato.net\/wordpress\/?p=21709"},"modified":"2023-02-13T13:05:36","modified_gmt":"2023-02-13T13:05:36","slug":"fannie-takes-stand-on-condos-needing-repair","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/fannie-takes-stand-on-condos-needing-repair\/","title":{"rendered":"Fannie Takes Stand on Condos Needing Repair"},"content":{"rendered":"\n

Fannie Mae announced new measures in response to growing concerns about aging infrastructure that have followed since the deadly Champlain Towers South condo building collapse<\/a> in Surfside, Fla. Fannie Mae issued temporary requirements that prevent the purchase of mortgages secured by condo and cooperative units with significant deferred maintenance. The new requirements take effect on Jan. 1, 2022.<\/p>\n\n\n\n

Fannie Mae says it will continue to investigate the challenges surrounding aging condos and co-op infrastructures due to \u201csignificant deferred maintenance.\u201d Fannie officials say they will continue to vet condo and co-op project reserves to ensure buildings are maintaining enough financial reserves to cover ongoing repairs. They also urged lenders and appraisers that appraisals on units in condo and co-op projects must document any special assessments or deferred maintenance that may impact the building.<\/p>\n\n\n\n

\u201cCondos and co-ops are an affordable homeownership option in many markets and a lifestyle choice for many buyers,\u201d Jodi Horne, Fannie Mae\u2019s director of single-family collateral risk management, writes in an Oct. 13 column.(link is external)<\/a> \u201cWith a shortage of housing supply, it\u2019s more important than ever for us to reaffirm our commitment to supporting sustainable homeownership in condo and co-op projects.\u201d<\/p>\n\n\n\n

Horne notes the challenges posed by aging buildings that were constructed or converted into rentals in the 1970s, 1980s, and 1990s.\u00a0A Community Associations Institute report from 2020(link is external)<\/a>\u00a0noted that association homeowners and boards too often are focused on keeping regular assessments low and \u201ctoo often \u2026 associations fail to recognize serious structural and system failures. When damage becomes so obvious that it cannot be ignored, the tendency is to make superficial or temporary repairs and postpone comprehensive, in-depth restoration.\u201d<\/p>\n\n\n

\n
\"\"<\/a>
Image by StockSnap<\/a> from Pixabay<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Fannie Mae announced new measures in response to growing concerns about aging infrastructure that have followed since the deadly Champlain Towers South condo building collapse in Surfside, Fla. Fannie Mae issued temporary requirements that prevent the purchase of mortgages secured by condo and cooperative units with significant deferred maintenance. The new requirements take effect on Jan. … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-21709","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nFannie Takes Stand on Condos Needing Repair - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/fannie-takes-stand-on-condos-needing-repair\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fannie-takes-stand-on-condos-needing-repair\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fannie-takes-stand-on-condos-needing-repair\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Fannie Takes Stand on Condos Needing Repair\",\"datePublished\":\"2023-02-13T13:05:35+00:00\",\"dateModified\":\"2023-02-13T13:05:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fannie-takes-stand-on-condos-needing-repair\\\/\"},\"wordCount\":296,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fannie-takes-stand-on-condos-needing-repair\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/condo-g02401dcaf_640-1.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fannie-takes-stand-on-condos-needing-repair\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fannie-takes-stand-on-condos-needing-repair\\\/\",\"name\":\"Fannie Takes Stand on Condos Needing Repair - 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