BeccaF1 (California)
Posts: 1
Posts: 1
Posted:
Our community was hit with 3 violations
1. Critical Repairs and Deferred Maintenance
Fannie Mae has identified conditions that may involve material deficiencies and significant deferred maintenance. Projects with unresolved critical repairs are generally considered ineligible until the concerns are corrected and properly documented.
2. Unfunded Repairs Exceeding $10,000 Per Unit
Fannie Mae has indicated that repairs requiring completion within the next 12 months exceed $10,000 per unit and are not fully funded through existing reserve accounts.
3. Reserve Funding Concerns
Fannie Mae has reported that annual reserve contributions are below required levels and/or that the Association lacks a reserve study supporting its current reserve funding methodology.
Has anyone had success having these removed in their community?
1. Critical Repairs and Deferred Maintenance
Fannie Mae has identified conditions that may involve material deficiencies and significant deferred maintenance. Projects with unresolved critical repairs are generally considered ineligible until the concerns are corrected and properly documented.
2. Unfunded Repairs Exceeding $10,000 Per Unit
Fannie Mae has indicated that repairs requiring completion within the next 12 months exceed $10,000 per unit and are not fully funded through existing reserve accounts.
3. Reserve Funding Concerns
Fannie Mae has reported that annual reserve contributions are below required levels and/or that the Association lacks a reserve study supporting its current reserve funding methodology.
Has anyone had success having these removed in their community?