Friday, September 21, 2012
Above are pictures of ACM's Dollars and “Sense” of Community Association Budgeting Seminar held on Wednesday, September 19, 2012 and Friday, September 21, 2012. Board members and ACM staff particpated in both sessions at our new office in Hanover utilizing our Training/Conference room facilities. Thank you to everyone that was able to be a part of this event and make it such a huge success!
We are excited to continue to offer educational sessions for both our staff, Board members and homeowners in our new Training/Conference room space. With such overwhelming positive feedback from our first Budget seminar in our new Hanover office, 2013 will have a variety of educational seminars and trainings in store!
Tuesday, September 18, 2012
Baltimore County is hosting the Fall 2012 Big Trees Sales, featuring a selection of 150 to more than 200 trees representing 10 to 15 different Maryland native species.You can order Big Trees online, or purchase trees at the sale event on Saturday, October 13, 2012, 9 a.m. - 2 p.m. at the Baltimore County Center for MD Agriculture located at 1114 Shawan Rd, Cockeysville (I-83 North to Exit 20; West on Shawan Road).
To learn more about the event, please click the following link:
To learn more about the event, please click the following link:
Monday, September 17, 2012
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Mortgagee Letter: 2012-18
ASSISTANT SECRETARY FOR HOUSINGFEDERAL HOUSING COMMISSIONER
Date: September 13, 2012
The following primary changes were made to the FHA Approval Process:
INVESTMENT UNITSThe requirements of Section 2.1.4, Investor Ownership are replaced by the following updated policy guidance.
A unit that is occupied as a principal residence is not considered as an investment property. When calculating the investor owned percentage, this unit will not be included in the calculation.
For all existing or non-gut rehabilitation projects, any investor/entity (single or multiple owner entities) may own up to 50 percent of the total units at the time of project approval if at least 50 percent of the total units in the project have been conveyed or are under a bona fide contract for purchase to owner-occupant principal residence purchasers.
Unoccupied and unsold units owned by a builder/developer are not considered as investor owned and subject to the requirements unless the unit is currently rented or previously been occupied.
DELINQUENT UNIT OWNERSThe requirements of Section 2.1.5 of the Guide are replaced by the following updated policy guidance.
This requirement must be reviewed as part of the analysis for project approval and must also be verified as part of the loan level requirements. No more than 15 percent of the total units can be in arrears (more than 60 days past due) on their condominium association fee payments (does not include late fees or other administrative expenses). The 15 percent includes all units (occupied, investor, bank owned and vacant).
There will be no exception requests granted.
INSURANCEThis section has only been updated to provide additional options for Fidelity Bond/Fidelity Insurance requirements for management companies. All other requirements of Section 2.1.9 remain unchanged.
Fidelity Bond/Fidelity Insurance – may also be known as “Employee Dishonesty” or “Crime Policy” (required submission for project approval)
For all new and established projects with more than 20 units, the homeowners association is required to obtain and maintain this insurance:
· The homeowners association must maintain this insurance for all officers, directors, and employees of the association and all other persons handling or responsible for funds administered by the association;
· The coverage must be no less than a sum equal to three months aggregate assessments on all units plus reserve funds unless State law mandates a maximum dollar amount of required coverage.
If the homeowners association engages the services of a management company, one of the following requirements must be met evidencing that Fidelity Bond/Fidelity Insurance – may also be known as “Employee Dishonesty” or “Crime Policy” is in place for the management company’s officers, employees and agents handling or responsible for funds of, or administered on behalf of, the owners association.
· The management company has secured their own Fidelity Bond/Fidelity Insurance in an amount no less than the sum equal to 3 months aggregate assessments on all units plus reserve funds unless State law requires a maximum amount of coverage; or
· The homeowners association’s Fidelity Bond/Fidelity Insurance policy specifically names the management company as an agent or insured; or
· The homeowners association’s Fidelity Bond/Fidelity Insurance policy includes a “Covered Employee” endorsement that states that a person employed by an employment contractor (Management Company) performing services subject to direction and control by the homeowners association is covered under the policy.
COMMERCIAL SPACENo more than 25 percent of the property’s floor area in a project or a unit can be used for non-residential/commercial purposes. The non-residential/commercial portion of the project must be of a nature that is homogeneous with residential use, which is free of adverse conditions to the occupants of the individual condominium units. A project can be approved with non-residential/commercial space less than or equal to 25 percent under the HRAP or DELRAP options.
Exception Requests: Percentage >25% but ≤ 35%
Exception requests will only be considered on a case-by-case basis by the jurisdictional HOC. FHA reserves the right to reject any exception request received. Based on the HOC review, additional information and/or documentation may be required. Granting an exception does not change the requirement that the project’s use remains primarily residential, homogeneous with residential use and is free of adverse conditions to the occupants of the individual condominium units.
Exception Requests for Mixed-Use Developments Unable to Satisfy the 25 and/or 35Exception requests will only be considered on a case-by-case basis. All requests must be submitted to the Philadelphia HOC. FHA reserves the right to reject any exception request received. Based on the HOC review, additional information and/or documentation may be required. Granting an exception does not change the requirement that the project’s use remains primarily residential, homogeneous with residential use and is free of adverse conditions to the occupants of the individual condominium units.
Mixed-use developments are defined as developments with a combination of any of the following: commercial, residential, retail, office or parking space.
Thursday, September 13, 2012
The Chesapeake Region Chapter of CAI is hosting its Annual Symposium & Expo on Tuesday, October 16, 2012 at Martin's West in Baltimore, Maryland. This years topic is "Controlled Chaos -- Managing Meeting Mayhem." Attendees will get to witness the re-enactment of a Community's Special Meeting which will then progress to an Executive (closed) Session.
To learn more and register for the event, visit the Chesapeake Chapter of CAI online: http://www.caimdches.org/.
Wednesday, September 5, 2012
ACM Presents: Dollars and “Sense” of Community Association Budgeting Seminar
Audience:Community association board members (officers or at-large members in a decision making role)
Where:American Community Management Hanover Office:
7484 Candlewood Road, Suite H, Hanover, Maryland 21076
Dates:Choice of Wednesday, September 19, 6:00-8:00 pm or Friday, September 21, 12:00-2:00pm
Topic:It is the fiduciary responsibility of the association’s board of directors to prepare and adopt a budget of the estimated common expenses. Budgeting will aid in determining the amount of assessments needed to maintain the association’s common elements on an annual basis, or in accordance with the association’s governing documents. We will provide information on the best practices ACM has developed pertaining to the budgeting process:
- Techniques and methods for creating a budget, reviewing current and historic financial information and preparing projections
- Addressing major cost categories using driving factors (contracts, discretionary items, collections, projects, utilities insurance and administrative costs)
- Determining the level and allocation of assessments
- Determining if reserves (operating and replacement) are adequate using the reserve study and cash flow trends as key resources
- Meeting the notification requirement (to membership)
Materials and light refreshments to be provided.
Contact Peter Giguere to register at firstname.lastname@example.org with your name, association and desired date for attendance. Thank you and we hope you are able to participate!
Tuesday, September 4, 2012
ACM would like to extend a warm welcome to The Lakes at Chaddsford Homeowners Association, located in Brandywine, Prince George's County, Maryland! The Lakes at Chaddsford HOA started services with ACM in September, 2012. We look forward to beginning our relationship with your community!