July 2026

An informative e-newsletter for the Real Property Law Section of the State Bar of Michigan.

PA 116 Is Only Half the Story: Understanding Potential Recapture Tax Exposure

By Chloe E. Rosa - Cooper, Riesterer & Gross, PLC

CondosFannie Mae’s 2026 condominium lending guideline updates will have important practical consequences for condominium associations, buyers, and sellers. If a condominium does not satisfy Fannie Mae’s eligibility standards, buyers may have difficulty obtaining conventional financing, pending sales may be delayed or lost, and property values may be affected. On March 18, 2026, Fannie Mae issued Lender Letter LL-2026-03, which updated several eligibility requirements for condominium projects, including retiring the limited review process for condominiums with more than 10 units on August 3, 2026. Some changes are effective immediately, while others are phased in during 2026 and early 2027. The most significant updates involve reserve funding, reserve studies, investor concentration, and insurance.

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The views and opinions expressed in these articles are those of the authors, and they do not reflect in any way the positions of the State Bar of Michigan or the Real Property Law Section. These columns are meant for informational purposes only and should not be construed as legal advice. IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding tax-related penalties or (ii) promoting, marketing, or recommending to another person any transaction or matter addressed in this communication.