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Over the years many condominium and cooperative communities were able to keep their maintenance assessments at an affordable rate by either waiving or only partially funding reserves and instead addressing needs as they arose, but in a couple of years (assuming these new laws are not amended) thes...
New laws regarding registration requirements for “55 and over” communities, rights for HOA residents to use fireworks on the 4th of July, and housing discrimination laws were also passed. We discuss the discrimination in covenants topic in greater detail in this month’s featured article. Catch...
First, it’s important to remember that trying to solve the problem with reserves is not your first step. Begin your belt-tightening, continue your collection (and communication) efforts, and get in touch with your legal counsel to find if you have any state-law or governing document limitati...