CAI-NJ Sep.2016

False (for now), but the federal HOME act, H.R. 4696, is under consideration in congress. The CAI supports this bill which would allow individual taxpayers an income-based tax deduction, up to $5,000, for qualified homeowners association assessments paid during the taxable year. Also, Assemblyman Singleton, CONT I NU E S ON PAGE 22

which enables municipalities to force lenders to properly maintain deterio- rating properties during pending fore- closure actions. Virtually all common interest commutes have to deal with the problems caused by foreclosures and abandoned properties. The LAC spends a great deal of time trying to help us deal with those problems. However, for this law to be effective, HOA boards and residents need to contact the munic- ipality to make sure they approve the required local ordinance. True or False – There is little an HOA or Condo can do to speed up foreclosures. True (for now), but LAC hopes to convince the legislature to pass a law to help. The LAC helped write two bill in this legislative session, A-3823 and S-1832, which would allow common interest communities to petition the court to require a foreclosing lender of an abandoned property to either pay the HOA’s assessments during the foreclosure process, or to appoint a fiscal-receiver to recover rental income from the property if the lender refuses to expedite the foreclosure. These bills will provide financial relief and enhance the aesthetics of our commu- nities if enacted. The LAC hopes these bills will be passed this session. TrueorFalse– Associationboard members’ email addresses are private and need not be shared with residents. True (thanks to LAC) - A pro- vision in S-357 would have required board members to publish their per- sonal e-mail addresses for residents of common interest communities. The LAC

tries to influence legislation which would be detrimental to volunteer board lead- ers and was able to have that provision stricken from the bill. The revised bill may go to a vote this year. True or False – Yourmonthlyasso- ciation fees are deductible for Federal and NJ income taxes.

The Service You Deserve Taylor Management Company has been managing community associations for decades. We have been recognized

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