Community Associations Institute,
New Jersey Chapter
1675 Whitehorse-Mercerville Road
Suite 206
Mercerville, NJ 08619
Phone: (609) 588-0030
Fax: (609) 588-0040
Hotline: (609) 477-0956
E-mail: info@cainj.org
www.cainj.org
www.mycommunityjobs.com

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Upcoming Courses

Legislative News

Bill Introduced to Jump-Start the Housing Market

 Senator Addiego, Assemblyman Scott Rudder and Assemblyman Chris Brown (R-8) have introduced legislation that they believe will breathe life into the economy and help more New jersey families become homeowners.  "In today's environment, FHA is the number one loan program in the country.  There are first-time buyers who are ready to purchase condos and townhouses, but FHA is the only entity that will let you put down 3 persent to buy a house," said Senator Addiego.  "Without timely cooperation from the associations, these mortgages can not be approved, and the sale falls through."
   Representatives from CAI-NJ, along with Andrew Fortin, Vice President of Government & Public Affairs for CAI National, were able to sit down with Assemblyman Chris Brown and his staff members to discuss the bill in early March.  We are hopeful that there will be an open meeting to discuss the cumbersome processes currently imposed by the FHA. 
   As you know, CAI has been working diligently over the past few years to eliminate barriers to FHA loans.  CAI-NJ members are strongly encouraged to follow CAI's progress in this regard by visiting the "Mortgage Matters" section of the CAI website and in Community Trends  (CAI-NJ's monthly magazine - available in both print and electronically) and Common Ground  (CAI National's montly magazine - now available in electronic format) for updates.

Mr. Dick Pruess, long-time CAI member and chair of California’s Legislative Action Committee, told federal lawmakers that association homeowners suffer when lenders delay foreclosures, allowing delinquent owners to remain in their properties.

The U.S. House of Representatives Financial Services Committee asked CAI to testify on a plan to sell real estate owned (REO) held by mortgage giants Fannie Mae and Freddie Mac to private investors. The federal agency that oversees Fannie Mae and Freddie Mac is testing a program that will sell large numbers of REO to investors who must agree to rent the properties for a minimum of three years. CAI was asked to share how bulk sales of Fannie Mae and Freddie Mac REO would impact community associations and homeowners. Read more….