Effective January 1, 2016, condominium associations must disclose their status an a Federal Housing Administration (FHA) approved and a Department of Veterans Affairs (VA) approved condominium project. The law applies only to condominium associations and not planned developments.

The disclosure must be part of the association's annual budget report to the membership made 30 to 90 days before the end of its fiscal year. The mandatory disclosures must include the following:

FHA Disclosure

• Certification by the Federal Housing Administration may provide benefits to members of an association, including an improvement in an owner's ability to refinance a mortgage or obtain secondary financing and an increase in the pool of potential buyers of the separate interest.
• This common interest development is (or is not) a condominium project. The association of this common interest development is (or is not certified by the Federal Housing Administration.

VA Disclosure

• Certification by the federal Department of Veterans Affairs may provide benefits to members of an association, including an improvement in an owner's ability to refinance a mortgage or obtain secondary financing and an increase in the pool of potential buyers of the separate interest.
• This common interest development is (or is not) a condominium project. The association of this common interest development is (or is not) certified by the federal Department of Veterans Affairs.

The disclosure statements must be in at least 10-point font on a separate piece of paper.

In order to avoid potential liability, associations should add two more sentences to each disclosure. The first should state that information regarding the association's status is as of a particular date. That way if the association's status were to change after the disclosure was made, a buyer or seller in escrow can't claim they were misled. The second sentence should direct people to check the FHA website and VA website for Current information.