Update on Lender Exemptions From Leasing Restrictions, by Brian P. McLean
The FHA announced that associations who give some flexibility to bank-owned properties from transient leasing prohibitions are once again eligible for FHA approval. To be eligible, the association will either have to amend its governing documents or provide a statement on association letterhead that no units are being leased for less than 30 days and tenants are not being treated like hotel clients.
Brian P. McLean
About Brian P. McLean
BRIAN P. McLEAN is an attorney and shareholder at Leahy McLean Fjelstad in Seattle, Washington. He concentrates his practice in the area of community association law. He received his law and undergraduate degrees from Seattle University, where he was a member of Law Review, chair of the law school’s Moot Court Board, and commencement speaker for his graduating class.
Brian speaks and writes frequently about community association issues, is a member of the Washington State Bar Association, and is a former board member of the Washington State Chapter of the Community Associations Institute (WSCAI) where he served as president from 2009 - 2010. He served previously as chair of WSCAI’s Legislative Action Committee, where he worked with state legislators to enact mandatory reserve study legislation in Washington State. Brian is former lead singer, guitarist, and songwriter for the now defunct Pacific Northwest band the Acetones.
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