Common Interest Ownership Act (CIOA)
2009 changes to the Common Interest Ownership Act affecting both developers of condos and other CIOA communities, and their associations.
According to attorney Greg McCracken, in a presentation made at the CT Developers Council's regular meeting held November 5, 2009, "During the previous regular session, the Connecticut General Assembly made the most significant amendments to the Connecticut Common Interest Ownership Act or 'CIOA' since the statute became effective in 1984. The amendments are in Public Act 09-225, ...."
See Greg's article outlinging the new requirements and changes condo and other COIA developers need to know. While the amendments are mostly good news for developers, with new rights to build and market communities, and a right to cure construction defects to avoid litigation, there are also changes covering meetings and governance of associations that require more attention by developers, as well as new insurance requirements and new responsibilities on developers to provide public offering statements to purchasers.
Information on the CT Developers Council