A.G. from Bronx, New York writes:
Dear Mister Condo,
Good day. My condo complex has a history of poor management with the board the management companies. For example, for several years, they failed to pay the water bill from the NYC DEP. This put the owners in the arrears of $995,000.00! The last two management companies have got into a payment plan. We have yet another new management company. My question is are there any grants that we can receive for capital improvements in New York City (Bronx)? They are attempting to apply for a $1.2 million loan. I’m not looking for that amount, of course, but looking for maybe 10k, if possible.
Mister Condo replies:
A.G., to label failure to pay a water bill that adds up to almost a million dollars as a history of “poor management” is an understatement. That is a catastrophic fiscal failure of all involved. I know of no grant program for water bills for condominiums or owners. I am sure you are aware of the following website: https://www1.nyc.gov/site/capitalgrants/index.page. I did a quick review and didn’t see anything there that would help you.I am sorry that you and your fellow unit owners are now stuck paying the tab. This event underscores the need of condo associations to have a check and balance system in place that utilizes third parties to oversee budgets and keep a regular eye on the books to make sure there is nothing amiss. I have to ask how the Board or management company let this bill get to this point. Did they simply not pay it for years? If you find there was any criminal wrongdoing, the association should strongly consider suing any and all involved if fiscal malfeasance was involved. In the meantime, a loan to get the association through this fiscal crisis may be the best option. Good luck!