Any annual budget reports distributed on or after July 1, 2016 on behalf of a condominium association will need to include an additional disclosure related to FHA and VA approvals. This new law does not apply to other forms of homeowners associations.

The FHA disclosure must be made on a separate piece of paper and must be in at least 10-point font. It should be written as follows:

• Certification by the Federal Housing Administration may provide benefits to members of an association, including an improvement in an owner’s ability to refinance a mortgage or obtain secondary financing and an increase in the pool of potential buyers of the separate interest.
• This common interest development [is/is not (circle one)] a condominium project. The association of this common interest development [is/is not (circle one)] certified by the Federal Housing Administration.

The VA disclosure, again on a separate piece of paper and in at least 10-point font, must be written as follows: 

• Certification by the federal Department of Veterans Affairs may provide benefits to members of an association, including an improvement in an owner’s ability to refinance a mortgage or obtain secondary financing and an increase in the pool of potential buyers of the separate interest.
• This common interest development [is/is not (circle one)] a condominium project. The association of this common interest development [is/is not (circle one)] certified by the federal Department of Veterans Affairs.

Condominium associations may begin including these disclosures prior to July 1, 2016. Any disclosures made on or after July 1^st must include both separate pages described above.