ProTec Presents at CAI National Expo

The importance of maintenance has taken center stage in the US, particularly in light of the tragic collapse of The Champlain Towers South HOA on June 24th, 2021, resulting in significant loss of life. Our involvement in national task forces led to the publication of the Condo Public Policy Safety Report, available for reading on our website. Our participation in these task forces also prompted CAI to create their own task force, which developed the Best Practice Standards for Maintenance. The release of this 69-page report coincided with our well-received education session titled "Building Maintenance: How to Reduce Repair Costs & Ensure Safety" at the recent Dallas conference, featuring Mitchel Frumkin, Gary Porter, and our very own Dave Rauch.

In addition to these developments, there are three other significant advancements in our industry. Firstly, new standards for Reserve Studies were written and presented at the conference. These standards reward HOAs for implementing a maintenance program by reducing their monthly reserve contributions and now encompass all common area components. Secondly, Fannie Mae, the US government agency responsible for purchasing home mortgages, has disclosed a blacklist of 1,700 HOAs where it will not underwrite home loans due to deferred maintenance. This pushes HOAs to prioritize proper maintenance of their common areas. Thirdly, insurance carriers, including one that presented at the conference, have announced that they will no longer provide policies to HOAs without a maintenance program or with deferred maintenance.

These four developments, including the Best Practice Report on Maintenance, new Reserve Study standards, Fannie Mae restrictions on loans, and insurance carrier mandates, all bode well for our business. We anticipate an increasing demand for our services, which will contribute to the growth of ProTec.

To learn more about the Best Practices Report, click here.