Corporate Transparency Act – HOAs and Condominiums Need to Prepare for New Federal Reporting Requirements

In response to scandals in 2021 exposing the misuse of shell companies for asset concealment, Congress enacted the Corporate Transparency Act (CTA). Effective January 1, 2024, the CTA has imposed new reporting requirements on all LLCs, corporations, and nonprofit corporations, such as HOAs and condominium associations. Click the link below to learn more about the reporting requirements and how this process will affect your community.

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CAUTION: WHEN NC HOA LAWS CHANGE, PROPERTY VALUES AND MORE ARE AT STAKE

During the 2023 state legislative session, both Democrats and Republicans introduced three bills aimed at enhancing oversight of HOAs in North Carolina, with the primary objective of restricting their authority to foreclose on homeowners. It is anticipated that significant statutory alterations may result in unintended repercussions, potentially causing adverse effects on property values, associations and individual homeowners. Click the link below for additional information.

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DON’T FORGET! NORTH CAROLINA ANNUAL ASSOCIATION ACTION ITEMS

In times of unforeseen challenges, it is beneficial to receive prompts for tackling recurring tasks that might be overlooked. As we navigate through obstacles, prioritize addressing these tasks at the start of the year. Consider this your nudge to revisit North Carolina's annual obligations, allowing you to proactively address them and avoid overlooking crucial steps.

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FLORIDA’S ONGOING PROPERTY INSURANCE CRISIS LEADING TO SPIKES IN HOA FEES

Residents of Baldwin Park, Florida, are voicing concern over a substantial increase in property insurance costs within their HOA, which have tripled from $109 to over $400 per month. Taken aback by the sudden changes, one resident highlights the significant financial impact, noting she is now paying close to $6,000 for townhome insurance alone. What are your thoughts on the rise of property-related costs? Click the link below to read the whole story.

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