• Reduces the quorum for the Annual Meeting from 50% to 25%. (50% is difficult to get; many associations today have quorum requirements of as little as 10%).
• Allows a late fee that is $40 or more, to encourage timely payment of all assessment obligations.
• Updates the limit to the amount the Board can spend on additions and improvements to the property (not maintenance) without getting approval of all the unit owners from an out-of-date fixed amount, to a percentage of the annual budget.
• Allows the Association to recover its reasonable legal fees and costs in any legal or administrative action in which the Association prevails.
• Clarifies the Association's enforcement of rules, including special charges and suspension of privileges, following the enforcement procedures as required by the Virginia Condominium Act.
• Clarifies the allocation of repair and maintenance responsibilities of the unit owners and the Association in the even of fire or other casualty
• Allows the use of technology such as electronic signature, e-mail, and electronic voting, but require reasonable accommodation and nontechnology alternatives for those without the capability or desire to use technology.
• Lets the Board select the date for the Annual Meeting in October, rather than require it to be October 15.

The full text of the amendment is available for your review in the site office or here on our website, www.talltreesouth.com.

Good News! Talltree South has been approved by the Federal Housing Administration (FHA). This means that someone can purchase or refinance a unit using an FHA loan. Under the old rules, spot approval could be granted, but withthe new rules, condo associations must request FHA approval in advance.

Given the prevalence of FHA loans in today’s housing market, this means that it is easier to buy or sell at Talltree South than in complexes without FHA approval. FHA loans encourage lenders to lend, assuring them that they will be paid back by the federal government in case of default.