Message from CAI

FHA Relents on Condo Transient Leasing Restrictions

The Federal Housing Administration has announced that condominiums providing bank owned properties limited flexibility from transient leasing prohibitions are now eligible for FHA approval. CAI applauds FHA’s decision, which will make it easier for more condominiums to be certified by FHA.

Under FHA’s new policy, condominium associations in violation of FHA prohibitions on transient leasing are offered two compliance options:

1) The association may amend governing documents to remove bank owned property exemptions from transient leasing prohibitions, or

2) The association board may provide a dated and signed statement on association letterhead affirming that no units within the condominium project are leased for a term of less than 30 days and tenants are not provided services commonly associated with a hotel.

To read the entire announcement, please visit CAI’s government affairs blog, which can be found here.

For more information please contact CAI’s Government & Public Affairs Department at 888.224.4321 or government@caionline.org.

This entry was posted in CMCA by CMCA ~ The Essential Credential. Bookmark the permalink.

About CMCA ~ The Essential Credential

CAMICB is a more than 25 year old independent professional certification body responsible for developing and delivering the Certified Manager of Community Associations® (CMCA) examination. CAMICB awards and maintains the CMCA credential, recognized worldwide as a benchmark of professionalism in the field of common interest community management. The CMCA examination tests the knowledge, skills, and abilities required to perform effectively as a professional community association manager. CMCA credential holders attest to full compliance with the CMCA Standards of Professional Conduct, committing to ethical and informed execution of the duties of a professional manager. The CMCA credentialing program carries dual accreditation. The National Commission for Certifying Agencies (NCCA) accredits the CMCA program for meeting its U.S.-based standards for credentialing bodies. The ANSI National Accreditation Board (ANAB) accredits the CMCA program for meeting the stringent requirements of the ISO/IEC 17024 Standard, the international standards for certification bodies. The program's dual accreditation represents compliance with rigorous standards for developing, delivering, and maintaining a professional credentialing program. It underscores the strength and integrity of the CMCA credential. Privacy Policy: https://www.camicb.org/privacy-policy

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s