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ARTICLE · 16 FEBRUARY 2018

Distressed Condominium Act: Mitigating The Legislative Risks

Lowndes
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The Distressed Condominium Relief Act ("DCRA") is currently set to expire on July 1, 2018. More specifically, effective July 1, 2018, acquirers of distressed condominium units will no longer be eligible ...

United StatesFinance and Banking
Alexander Dobrev
Alexander Dobrev
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The Distressed Condominium Relief Act (“DCRA”) is currently set to expire on July 1, 2018. More specifically, effective July 1, 2018, acquirers of distressed condominium units will no longer be eligible for the “bulk buyer” or “bulk assignee” classifications.

Here’s a quick refresher on why this is significant. The DCRA was introduced in 2010 in an effort to address the massive downturn in the condominium market during the Great Recession. One of the main objectives of the DCRA is to limit certain risks and liabilities which may otherwise be imposed on acquirers of units distressed condominium projects. The DCRA accomplishes this by creating two new non-developer classifications, a “bulk buyer” and a “bulk assignee”.

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