CAI-NJ Oct. 2019(w)

developed with the stipulation that the builder create an association that will assume many responsibil- ities that traditionally belonged to local and state government (e.g., road maintenance, snow and trash removal, and stormwater man- agement). According to the study, homeowners contributed $27.3 billion to association reserve funds for the repair, replacement, and enhancement of common property (e.g., swimming pools, elevators, and resurfacing streets). • Expanding affordable housing. There has been a consistent effort to increase the percentage of homeowners in the U.S., and since the 1960s, condominiums have tended to serve as lower-cost entry housing, especially for first- time homebuyers. Condominium communities account for 38–42% of the reported total of community associations. To view the full report, visit foundation. caionline.org. FHA Releases Updated Approval Rules For Condominiums 8/14/2019 — Falls Church, VA — Community Associations Institute (CAI) applauds the actions by the U.S. Department of Housing and Urban Development (HUD) to streamline the Federal Housing Administration’s (FHA) condominium project approval process. “FHA-insured mortgages are criti- cal to helping creditworthy first-time, minority, and underserved households achieve the American dream of home- CONT I NU E S ON PAGE 90

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