Housing Finance Policies
There are currently four housing policies that CAI is advocating for at the Federal level.
Housing finance policy: CAI will support federal legislative and regulatory initiatives that support responsible access to fairly-priced mortgage credit for community association homeowners. Policies should promote the financial stability of community associations through robust enforcement of mortgage servicing standards and respect for state association lien priority statutes.
Growth and stability of the Federal Housing Administration condominium program: CAI supports responsible growth of the Federal Housing Administration condominium unit mortgage insurance program and will advocate for administrative reform that improves creditworthy condominium homeowner and consumer access to FHA-insured mortgage credit.
Affordable housing: CAI will support federal financial incentives to increase responsible homeownership opportunities for consumers through the construction or rehabilitation of affordable housing units within the community association housing model. CAI will monitor the conditions of federal funding when streamlining state and local permitting requirements.
Fair Housing Act and assistance animals: CAI supports legislative and regulatory action to clarify housing provider reasonable accommodation obligations concerning assistance animals. CAI supports federal guidance on actions a community association may take to ensure residents' rights are protected and to diminish the impact of fraudulent or deceptive documentation used by people to avoid association animal fees and restrictions. See if a state has assistance animal legislation and regulation.
The current mortgage finance system is dominated by two congressionally-chartered companies, Fannie Mae and Freddie Mac. These companies support the mortgage finance system by ensuring mortgage lenders have a stable supply of funds to lend to homeowners.
Among Fannie Mae’s and Freddie Mac’s most critical functions are setting and managing the standards lenders use when extending mortgage credit. Lenders will generally not extend mortgage credit where either the borrower or the property being purchased does not meet Fannie Mae and Freddie Mac standards.
Fannie Mae and Freddie Mac have developed lender standards for community associations. Continuation of Fannie Mae and Freddie Mac community association standards is the critical issue at stake for community associations and association homeowners.
Lenders look to Fannie Mae and Freddie Mac community association standards to verify the association is in stable condition, common property is insured, and the association’s governing documents meet certain standards. These standards ensure that buyers have access to mortgage credit on the best possible terms while also promoting the stability of community associations nationwide.