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In the mid-80's and early 90's, Fannie Mae and Freddie Mac required many condominium projects to include a clause in their governing documents that allowed mortgage lenders the exception to use a unit for transient housing immediately following a foreclosure. As such, standard language allowing this exception exists in condominium documents today.

The Federal Housing Agency (FHA) recently recognized this language violates statutory requirements in the National Housing Act. Subsequently, CAI has heard of dozens of condominium projects being denied FHA approval or recertification on the basis of this determination.

This survey is an important step in gathering data to help CAI inform FHA and potentially Congress of the magnitude of the problem. Please take a few minutes to complete the survey.

Thank you.

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* 1. I am a: (check all that apply)

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* 2. How many condominium clients do you represent with language in their documents providing an exception to a mortgagee following a default in a mortgage for leasing the unit for hotel or transient purposes (less than 30 day lease)?

Note: The clause is typically under rental/leasing terms and restrictions and uses the following language, "with the exception of a lender in possession of a unit following a default in a mortgage... no unit owner shall be permitted to lease his unit for hotel or transient purposes."

Please enter a numerical value as your answer.

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* 3. Please select the states in which the clients with the identified language are located.

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* 4. Of the clients with the identified language in question two in their documents, when was the last year these documents were amended?

Please provide any additional comments.

Thank you for taking the time to provide your input. We appreciate your candid responses.

If you have any questions about this survey, please contact our Government & Public Affairs Department at government@caionline.org or (888) 224-4321 (M-F, 9-6:30 ET).

Again, thank you for your participation.
 
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