Ratify Prior Meeting Minutes – Board Vote
We need to ratify our prior meeting minutes found here.
FHA approval – Board Vote
FHA Approval would allow buyers to purchase with lower down payments, which may expand the potential pool of buyers. It may allow buyers to obtain a better interest rate than conventional mortgages. This would also allow owners to initiate reverse mortgages should they wish.
This would require current reserve studies, audits, and detailed financial information. This may require us to invest in additional investigations or reports than those we currently have.
Certification has limited shelf life.
Quote from our lawyers “FHA would not provide benefits to the other owners who already have mortgages and own the units”
Fannie May / Freddie Mac guideline updates
In a nutshell, new requirements are 15% reserves at minimum, and with a reserve report which Washington requires of us, highest reserve %
Tree Complaint
Our neighbor is complaining about our trees. We are have had a heck of a time gaining clarity from the city of Lynnwood’s code enforcement department on what will resolve this. Discuss current status.
Finance Review
Discussing latest financial statements to call out any anomalies.
2027 Budget – Association Vote
The previously presented budget draft stands, pending final quote decisions for gutter cleaning and roof replacement. This post will be updated as we track down final details on these quotes.
- Reserve % as per Fannie May / Freddie Mac?
The guidelines as of January 4th 2027 require us to maintain at minimum a 15% reserve contribution, and with a reserve report that WA requires us to have, we are required to maintain the maximum contribution recommended to qualify for financing. Discuss the implications of this and how we want to move forward short vs long term.
- Gutter & Cleaning Quotes
We pursued roof and gutter cleaning with moss treatment, also asking for line items to clean our building’s siding and stairwells. Realistically as we just cleaned our siding and stairwells last year, we will most likely stick with every other year, but worth discussing.
Note that the prices displayed in the attachment names are calculated with 3x roof cleanings, 1x moss treatments, and no siding or stairwell cleanings.
- Roof
We pursued 3x quotes, however one vendor opted to not place a bid for our scope of work. We have our existing vendor KSR at $65,850, and SRS at $57,564
Open Forum
Time to discuss any resident concerns / comments / complaints
