Common Interest Communities Memo 18-01cic
Date: June 20, 2018
COMMON INTEREST COMMUNITIES GUIDE REVISIONS: CONTACT JIM MCCALL, OFFICER, HOUSING RELATIONS (firstname.lastname@example.org)
In an effort to streamline AHFC’s review and approval of Common Interest Communities, the following three items are being revised as of the date of this memo. AHFC’s Common Interest Communities Guide is available on our website at https://www.ahfc.us/files/2215/2944/1308/CIC_Guide_06-18-18.pdf.
The requirement for number of days delinquent has been increased from 30 days to 60 days. No more than 15% of unit owners can be more than 60 days delinquent in payment of regular monthly assessments at the time the Project is delivered to AHFC for acceptance. A current delinquency report or equivalent showing outstanding assessments due must be provided.
Insurance Requirements – Amount of Insurance
The maximum deductible amount for policies covering Common Interest Communities has been increased from $10,000 to $25,000.
Insurance Requirements – Fidelity Bonds/Commercial Crime
Any association greater than 10 units must have blanket fidelity insurance coverage for anyone who either handles or is responsible for funds it holds or administers, whether or not that individual receives compensation for services. (This previously applied to all associations, regardless of size.) The insurance policy must name the Association as the insured and the Association must pay the premiums as a common expense.
GUIDE REVISIONS: CONTACT JIM MCCALL, OFFICER, HOUSING RELATIONS
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