California Bill AB 596 has passed. This bill amends Civil Code 5300 relating to Common Interest Developments and Budget Disclosures:
What does AB 596 mean for California Associations?
As of July 1, 2016, all California budgets disclosures must include the following:
- All Associations will need to be identified as a Condominium, or not a Condominium
- All Condominium Associations will need to disclose if they are FHA Certified in their annual budget disclosure.
- All Condominium Associations will need to disclose if they are VA Certified in their annual budget disclosure.
Prepare your own disclosure
Property Managers will need to include the new policy statements in ALL Condominium Association budget disclosures, including site condominiums. Some Legal opinions recommend including the policy statements in attached PUD budget disclosures as well.
The current legal language of the new bill can be misleading because it does not address Site Condominiums, PUDs, or Single-family homes. Also, disclosing the current approval status can prove difficult for casual users of the FHA and VA sites because properties are not always listed under their common/marketing/legal name. Click below to learn how to create your own disclosure.