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The Uniform Common Interest Ownership Act was created to provide a model set of laws to govern condominium, cooperative, homeowner association and planned unit development communities in the United States. Variations of the act have been adopted in Colorado, Washington (state), and some other states.
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community), is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents.
Passage of the Condominium Act then opened a wave of construction of condominium buildings. [40] The cooperative form can be advantageous as a building mortgage can be carried by the cooperative corporation, leaving less financing to be obtained by each co-op owner. Under condominium ownership only the separate condo owners provide financing.
Initially, the concept of a condominium was introduced by the Federal Law "On the Fundamentals of the Federal Housing Policy" No. 4218-1 dated December 24, 1992: "Condominium is an association of owners of residential premises in apartment buildings with the establishment of conditions for joint ownership and use of inter-apartment stairs ...
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Association law is a term used in the United States for the law governing not-for-profit corporations under various tax codes. This includes charitable organizations, which are generally classified under 501(c)3 in the IRS Tax Code, professional societies, guilds and trade associations, which are classified under 501(c)6, and homeowner associations, which are classified under 501(c)4.
Additionally, Mortgagee Letter 2011-22 stipulates all other condominiums requesting FHA project approval may be required to submit a current (completed within the last 24 months) reserve study at their discretion or whenever financial documents do not appear to meet sufficient funding requirements of the condominium association. [17]
A tenants union, also known as a tenants association, is a group of tenants that collectively organize to improve the conditions of their housing and mutually educate about their rights as renters. [ 1 ] [ 2 ] Groups may also lobby local officials to change housing policies or address homelessness.