Community Association Matters

Special Assessment!  I am sure those two (2) words alone got your attention.  It probably even made the hairs on your body stand up.  Condominium and homeowner association Boards hate those words, but it is a necessary evil.  Especially for associations that do not have reserves in place to cover their major assets, such roof, pool equipment or resurfacing, replacement of gates, painting, or resurfacing of the roads.  However, if your community has to replace its roof and you do not have the reserve funds available to cover the cost, your association must pass a special assessment.  What happens if you have to replace the roof now and cannot wait until the special assessment is paid in full by all members?  Is a loan the right fit for your association?  Only you as a Board can determine what is the best solution for your community, but if you decide that getting a loan is the right thing to do then I recommend that you listen to this week’s podcast of Community Association Matters.  I sat down with Cesar de l