Fair Housing

Both the Virginia Fair Housing Law (39-96.1 et seq.) and Federal Fair Housing Amendments Act of 1988 (42 U.S. C 3601 et seq.) prohibits discrimination, mandates accessibility, permits building modification at tenant's expense, and increases enforcement. It affects every one of us. Those who disregard FHA do so at their own peril.

The Fair Housing Acts prohibit discrimination in housing because of:
Race or color
National origin
Religion
Age
Sex
Familial status (including children under 18 living with parents or legal custodians; pregnant women and people securing custody of children under 18).
Handicap (Disability)
Elderliness is an additional protected class in Virginia, which applies to individuals over 55

Did you know?

The biggest U.S. cities have seen their growth rates increase in recent quarters as unemployment and the real-estate slump have slowed migration to the suburbs.

HOA Reserves

Worth a read:
Photo Op HOA Reserves by Richard Thompson

Employee Dishonesty Insurance

What is employee dishonesty insurance?

This insurance protects the employer from financial loss due to the fraudulent activities of an employee or group of employees. The loss can be the result of the employee’s theft of money, securities or other property of the employer.

What is covered under an employee dishonest policy?

Stand alone policies are designed to cover employee thefts, robbery and safe burglaries. Coverage can also include:
1. Forgery or alteration
2. Funds transfer fraud
3. Computer fraud
4. Credit card fraud
5. Money order and counterfeit fraud

Water Conserving Tip #2

Wash clothes only when you have a full load. It can save you up to 600 gallons per month!

Water Conserving Tip

Listen for water running or dripping. Fixing a leak can save up to 500 gallons of water a month.

Dealing with Graffiti

• If you happen to see someone defacing property, don't try to stop it yourself. Call the police immediately and report a vandalism in progress. Make a mental note of as many details as possible about the perpetrators—how many, what age, male or female, distinctive clothing—that will help police.

• Encourage your neighbors to do the same—watch for and report graffiti vandals.

• When graffiti appears on your property, photograph it before removing it. Record when and where it appeared, when it was removed, the cost and other relevant information. Share your documentation with the police and insurance agent.

• Remove graffiti immediately. "Taggers" gain more notoriety the longer the graffiti remains. Removing it quickly sends a message that you care about our community.

• Install good lighting in areas vulnerable to graffiti.

• Plant shrubs or climbing vines in graffiti-prone areas. Or, replace walls with hedges.

• In problem areas where graffiti reappears regularly, try applying a layer of clear paint or silicone coating over painted surfaces. This will make cleaning future graffiti much easier.

Why Do We Need Reserves?

Equipment and major components (like the roofs) must be replaced from time to time, regardless of whether we plan for the expense. We prefer to plan and set the funds aside now. Reserve funds aren’t an extra expense—they just spread out expenses more evenly. There are other important reasons we put association monies into reserves every month:

“Whether or not” to me is like “over” to you (and me).

1. Reserve funds meet legal, fiduciary, and professional requirements. A replacement fund may be required by:
i Any secondary mortgage market in which the association participates (e.g., Fannie Mae, Freddie Mac, FHA, VA).
i State statutes, regulations, or court decisions.
i The community’s governing documents.
2. Reserve funds provide for major repairs and replacements that we know will be necessary at some point in time. Although a roof may be replaced when it is 25 years old, every owner who lives under or around it should share its replacement costs.
3. Reserve funds minimize the need for special assessments or borrowing. For most association members, this is the most important reason.
4. Reserve funds enhance resale values. Lenders and real estate agents are aware of the ramifications for new buyers if the reserves are inadequate. Many states require associations to disclose the amounts in their reserve funds to prospective purchasers.
5. The American Institute of Certified Public Accountants (AICPA) requires the community association to disclose its reserve funds in its financial statements.

Assessments: The Best Bargain in Town

Some people question why they have to pay what is commonly known as the member assessment when they move into a condominium or homeowner association. While assessments may be a technically correct term, the fact is that they are actually property maintenance fees. When the collective buying power of the entire association is factored in, they prove to be a real bargain for individual homeowners. These fees cover exterior maintenance, snow removal, landscaping, trash removal, and sometimes utilities, security, recreation facilities, and more. They also include savings for future big-ticket items like roofs, hot water heaters, and repaving—which means homeowners will not be hit unexpectedly with a special assessment or loan payback when the roof needs to be replaced in a few years.

Surviving Job Loss

It's never a good time to lose your job. However, the current economic environment has resulted in business closures, downsizing and layoffs for many in our community. The National Foundation for Credit Counseling offers the following tips for surviving a layoff:

• Allow yourself to be upset or even afraid. These are natural reactions. However, if they become intense, seek professional help. Talking things through and hearing another person's perspective can bring relief and restore your positive outlook.

• Resist the urge to tell your boss what you truly think of him or her. Remember, you may need him or her as a reference for a future job.

• Take advantage of any assistance your workplace offers. Many companies provide placement assistance, job retraining and severance packages. Make sure you are aware of all benefits offered.

• Apply for any applicable government benefits. Your HR representative at work will be a good resource.

• Resist the urge to solve your problems by spending recklessly. It may feel good for the moment, but the high of spending won't equal the low of dealing with additional debt when there is no income.

• Don't be tempted to live off of your credit cards. Someone with a good line of credit could actually support the family at the current standard of living by using credit, but there's no guarantee a new position will materialize any time soon. Expect one month of job search for each $10,000 of annual income you hope to replace. In other words, if you seek a $50,000 salary, it may take you five months to land that job.

• Take a personal inventory. Consider all assets, income and expenses. No one wants to liquidate assets to survive, but it is good to know what you have to fall back on.

• Drastic times call for drastic measures. Nothing is off-limits. Consider selling the second car or recreational vehicle, real estate holdings, rental properties or jewelry.

• After you review your income versus debt obligations, if you don’t have enough money to make ends meet, calculate how much you’ll need for basic household expenses. Your goal is to pay everyone, but if you must make a choice, keep food on the table and your home life stable by paying your rent or mortgage, association assessments, utilities, childcare, insurance premiums and health care.

• Have a family meeting that includes the children. You don't want family members pulling in different directions, and a joint effort yields a better result.

• Make cutbacks wherever possible, knowing that your austere lifestyle will only be temporary. Resolve to stop all non-essential spending immediately.

• Tracking your spending is always a good idea, but when money is tight, it's essential. Write down every cent you spend. After 30 days, review where the money went and decide where to cut back. You'll be amazed how much you can save without feeling the pinch.

• Contact your creditors to arrange lower payments. Most major credit card issuers have help programs. Explain your situation and what you're doing to resolve it. The creditor may be able to temporarily lower your monthly payment and reduce interest.

• Inform your mortgage lender of your situation. Be prepared to provide documentation of your setback, and have a resolution plan in mind. Since the average consumer doesn't know all the loan modifications available, sit down with a certified housing counselor and map out a plan best suited to your situation.

The National Foundation for Credit Counseling is a national nonprofit credit counseling organization. For more information, visit www.DebtAdvice.org or call (800) 388-2227. En Español, dial (800) 682-9832.