Category: Finance

Finance
New FHA Rule Revises Condo Approval Process

First-time condo buyers will be getting a break from the government regarding mortgages. The Associated Press reported Wednesday that the Federal Housing Administration has revised its current guidelines to make it convenient for those…

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Finance
2019 July Facing Financial Mismanagement

The board of a building or community association has a fiduciary duty to uphold its community’s governing documents, act in good faith, and advance the interests of the community at large. Occasionally, boards fail to carry out this duty – …

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Finance
2019 July Maintenance Charge Increases

There are few things upon which most people agree, but a general dislike for paying more today for something that cost less yesterday is pretty universal. This goes for taxes, consumer goods, healthcare, and of course for monthly maintenanc…

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Finance
2019 July Underfunded Reserves

The importance of saving for a rainy day is a lesson we all learn as children. Just like we as individuals should put away a little something for that ‘just-in-case’ moment, co-op corporations and condominium associations must also keep res…

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Finance
Co-op, or Condo?

Although co-ops make up roughly 80 percent of the available-for-purchase housing stock in New York City, buyers often face this common dilemma when apartment: hunting: should they seek a co-op, or a condo? Many factors come into play in t…

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