As of early 2025, the Corporate Transparency Act (CTA) remains a significant compliance factor for incorporated community associations nationwide, including those in Washington State. While the initial BOI (Beneficial Ownership Information) reporting deadline has passed, continuous compliance and awareness of potential updates are vital. The CTA's implementation and enforcement are still subject to refinement, and [...]
Fannie Mae and Freddie Mac, two government-controlled giants of the mortgage finance world, have been under federal conservatorship for nearly 17 years. But the idea of privatizing these entities is gaining traction again in Washington, D.C. This raises important questions about the potential impact on homeowners in Washington state. Why are Fannie and Freddie so [...]
Yes, there are some changes coming to Fannie Mae and Freddie Mac loan requirements in 2025, and these could have implications for condominium buyers. Here's a summary of the key changes and how they might affect you: 1. Conforming Loan Limits Increased What it means: The Federal Housing Finance Agency (FHFA) has increased the conforming [...]
We frequently get the question of how much does WUCOIA require an association to put into reserves? The requirement of how much should be put into reserves is not explicitly stated in the Washington State Revised Code (RCW) 64.34, which governs condominiums, HOA's and PUDs. However, the following provisions within RCW 64.34 strongly imply this [...]
I have talked to many board members over the years and I get a sense that they don't believe we will have a condominium collapse here in the Pacific Northwest. In our area we do have conditions similar to Florida. We have buildings from the 50's and 60's that were built on the waterfront. The [...]
Insurance is a crucial component of condominium living in Washington State. However, in recent years, the cost of insurance for condo associations has surged dramatically, becoming a significant budgetary concern. This trend mirrors a broader industry shift known as a "hard market," characterized by reduced insurance availability, higher premiums, and more stringent underwriting standards. While [...]
Rising Association Fees: A Growing Concern for Washington State Condominium Owners Condominium owners in Washington State, like their counterparts in Florida, are grappling with the increasing burden of rising association fees. As buildings age, the costs associated with maintaining common areas, elevators, roofs, and other shared amenities inevitably soar. This trend is exacerbated by unexpected [...]
For the past 6 years we have seen greater price inflation than the past 40 years. More important for associations the cost of major projects such as paint and roofing have grown 10% to 40% outpacing inflation significantly. Previously many associations were limited in what they could increase dues by their CC&Rs. However since 2018 [...]