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4 NEW ENGLAND CONDOMINIUM -SEPTEMBER 2019 NEWENGLANDCONDO.COM Thurs., September 12, 2019 IREM: Medical Marijuana: Federal vs. State Laws The Mooring at Squantum Gardens 420 E Squantum St., Community Room 1st Floor North Quincy, MA 9:00 a.m. – 12:00 p.m. From coast to coast, states from Washington and Colorado are passing laws around recre- ational marijuana use -- and changing the face of the legal landscape. Clearly, there is a trend spreading across the country in which more and more states are either outright legalizing or decriminalizing certain amounts of mari- juana. So if you have tenants using marijuana in your development, come find out what state and federal law controls. To register, visit www.iremboston.org. Sat., September 14, 2019 CAI: Condo Inc. I Farmington Community & Senior Center 321 New Britain Ave. Unionville, CT The Connecticut Chapter of the Community Associations Institute (CAI) presents ‘The Business of Running Your Community.’ Do you serve on the board of your association? Are you considering serving? Whether you are a seasoned board member, a recently-elected board member, or a unit owner wanting to understand more about how an association runs, this is course it for you! Rates $50 CAI members, $100 non-members. Register at www.caict.org. Tues., September 17, 2019 BOMA Boston’s Preparedness Roundtable Atlantic Wharf, 280 Congress St., Boston, MA 11:45 a.m. – 1:30 p.m. Join BOMA Boston to hear from indus- try leader in emergency management, Joe Donovan, as he presents on critical issues regarding public safety and first responder preparedness. Donovan will provide tools and ideas on how best to develop, manage, and execute emergency and crisis manage- ment plans in your building. He will also discuss some of the top issues facing CRE. Complimentary to BOMA Boston members, $40 for non-members. Register at www.boma- boston.org. Thurs., September 26, 2019 CAI: Fall Fun with a Twist The Wagon Room at the Aqua Turf 556 Mulberry St., Plantsville,CT Education 3:00p.m. - 5:00p.m. / Party 5:30p.m. - 8:30 p.m. Join the Connecticut Chapter of the Community Associations Institute (CAI) for a two-hour Fall Fun Flash. Topics for manag- ers and board members will include: tree care & management; roofing system warranties; capital planning and project planning; difficult claims; broken water lines and drain/sewer; unit owners coverage vs. master; breaking the cycle of repairs on roof systems; and more. Service providers are invited to join the fun at 5:30 for phenomenal hot hors d’oeuvres; cheese and vegetable crudités; carving and pasta stations; and dessert, coffee and tea. Visit caict.org for details and to register. CAL EN D AR Industry Pulse September Industry News IREM Marks Ethics Awareness Month Boston Metropolitan Chapter No. 4. of the Institute of Real Estate Management (IREM) will join other IREM chapters across the U.S. and internationally in September to mark “IREM Ethics Awareness Month.” “IREM members don’t just talk the talk when it comes to ethics, but they also walk the walk,” chapter president Nancy Reno told the New England Real Estate Journal. “As a condition of membership, all IREM mem- bers must pledge to adhere to the rigorously enforced IREM Code of Professional Ethics, with violations subject to serious disciplinary action, including expulsion.” During Ethics Awareness Month, IREM and its network of 92 chapters across the U.S. and the globe will highlight the commitment to ethics and integrity. Law & Legislation U.S. to Back More Condo Loans for First- Time Buyers The Federal Housing Administration an- nounced in August that it will vastly expand the scope of condominium purchases eligible for lower-down-payment loans, a move that could help revive the entry-level condo mar- ket for first-time buyers. FHA-backed loans require only a 3.5% down payment and lower credit score than conventional loans. According to the Wall Street Journal, the FHA insured a million home loans last year made by banks and other private lenders, the vast majority of which were for single-family homes. Under the new rules, FHA estimates it could insure up to 60,000 additional condo loans each year, on top of the 16,000 condo loans it backed in 2018, the Journal reported. In many cities, single-family home prices are out of reach for many first-time buyers; the median price of an existing condo or co-op unit was just over $260,000 in June, compared to nearly $290,000 for the median existing single-family home, according to the National Association of Realtors. FHA loans, the Journal noted, are targeted at moderate- income borrowers. “This is set to really expand homeown- ership,” said Ben Carson, Department of Housing and Urban Development Secretary, which oversees the FHA. In 2008, the FHA tightened its lending standards for condos, requiring that entire buildings had to be certified for loans. Only 6.5% of the 150,000 condo projects in the U.S. are FHA-certified. With the recent rules change, the FHA will once again approve loans for individual units in buildings that aren’t certified. FHA Commissioner Brian Montgomery said the agency has tightened requirements to avoid the abuses of the last housing boom. Individ- ual loans will be approved in most buildings only if no more than 10% of the loans are to FHA borrowers. News about the change was warmly re- ceived by the Community Associations In- stitute (CAI). In a press statement, Thomas M. Skiba, CAE, CAI’s chief executive officer, said: “FHA-insured mortgages are critical to helping creditworthy first-time, minor- ity, and underserved households achieve the American dream of homeownership,” Dawn M. Bauman, CAE, CAI’s senior vice president for government and public affairs, said: “Following the housing crisis in 2008, the FHA condominium approval process severely impacted access to FHA- insured mortgages, which hurt homeowners and household formation. This is counter to FHA’s statutory mission—its reason for be- ing. A balanced, data-driven condominium approval process at FHA has been a long- term public policy priority for CAI. Today’s \[August 14\] announcement marks a return for FHA as a key long-term partner for con- dominium associations.” The National Association of Realtors (NAR) also hailed the FHA’s decision, say- ing in a press release that the change “should yield thousands of new homeownership op- portunities and help alleviate affordability re- straints impacting markets across the coun- try.” NAR President John Smaby responded in a statement: “We are thrilled that Secretary Carson has taken this much-needed step to put the American Dream within reach for thousands of additional families. It goes with- out saying that condominiums are often the most affordable option for first-time home- buyers, small families and those in urban areas. This ruling, which culminates years of collaboration between HUD and NAR, will help reverse recent declines in condo sales and ensure the FHA is fulfilling its primary mission to the American people.” Developments Related Beal Unveils The Quinn Related Beal has unveiled The Quinn, its newest residential development. The 14-story condominium property on Harrison Avenue in Boston’s South End neighborhood will be designed by a team of architects that includes Robert A.M. Stern Architects and Meyer Da- vis, and will offer 101 studio to four-bedroom residences with hospitality-focused services, programming and amenities, according to a press release. “The South End has a rich history and a strong sense of community, and we are excit- ed to become a part of that with The Quinn,” said Kimberly Sherman Stamler, President of Related Beal. “We are creating homes for resi- dents with amenities and services to enhance their lives, within a fantastic location sur- rounded by art galleries, dining and cocktail options, boutique shops and green spaces.” The project’s name pays homage to the block’s former identity as the historic Quinzani Bakery. Stern has more than 30 years of experience in Boston and has de- signed some of the city’s most celebrated buildings, including The Clarendon and Lovejoy Wharf. Internationally-recognized interior design firm Meyer Davis is known for its residential and hospitality portfolio in- cluding Four Seasons, Rosewood Hotels, Le Méridien and The Ritz Carlton. Both firms were inspired by the South End’s blend of historic Victorian brick row houses and in- dustrial warehouses. The Quinn is under construction and scheduled to open in late fall of 2020. Sales are being led by Related Beal and The Col- laborative Companies. Capital Group Properties and Brendon Properties to Develop 129-unit Millwood Pre- serve Capital Group Properties, owners of the Millwood Preserve in Framingham, Massa- chusetts, have gained approval to build a 129- unit, 55+ residential townhome community on the former 68-acre Millwood Farms Golf Course located across from the entrance to the 800-acre Callahan State Park. According to a press release, Capital Group will team with Brendon Properties on the buildout of the project, which will be built in three phases. The townhouse units will range from 2,000-2,600 square-feet and be incorporated into single, duplex and triplex buildings. Resident amenities will include a community room with an activity center, bocce court, and a community garden. Also included as part of Millwood Preserve is the 30-acre Millwood Recreational Parcel, which will create new active and passive open space for the city while protecting existing vistas along Millwood Street. “I am excited to bring this project to North Framingham,” said William Depietri, President of Capital Group, a developer of numerous townhome communities in the area. “Not only will Millwood Preserve cre- ate local jobs and significant new tax revenue for the city, but it will also offer tremendous recreational opportunities because of its loca- tion right across the street from the Callahan State Park in northwest Framingham.” Dormant Nursing Home in Dorchester Center to Be Converted to Condos Curbed reported on a plan to convert the long-vacant Nelson Manor nursing home at 3 Aspinwall Road in Boston’s Dorchester Center to a condominium complex. Devel- oper Solmon Chowdhury’s proposal, which had been approved by the Boston Planning and Development agency on August 15, 2019 PULSE/CALENDAR continued on page 18