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2013 SESSION

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HB 1807 Condominium & Property Owners' Association Acts; disclosure of qualification for federal financing.

Introduced by: Jackson H. Miller | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Condominium and Property Owners' Association Acts; disclosure of qualification for federal financing. Requires the disclosure in the respective association disclosure packets for purchasers to include a statement indicating any known project approvals that have been issued by secondary mortgage market agencies and currently in effect.

SUMMARY AS PASSED HOUSE:

Condominium and Property Owners' Association Acts; disclosure of qualification for federal financing. Requires the disclosure in the respective association disclosure packets for purchasers of whether any secondary mortgage market agency, including the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Virginia Housing Development Authority, has advised the association that as of the effective date of the disclosure packet, the project complies with the underwriting guidelines of such agency.

SUMMARY AS INTRODUCED:

Condominium and Property Owners' Association Acts; disclosure of qualification for federal financing. Requires the disclosure in the respective association disclosure packets for purchasers of whether the project as of the effective date of the resale certificate is intended to comply with the underwriting guidelines of the secondary mortgage market agencies, including the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Virginia Housing Development Authority.