Assessments Board Condominium Financial Governance

Condo Board Pushes for Vinyl Siding Creating Burdensome Special Assessment

L.N. from outside of Connecticut writes: Dear Mister Condo, Our condo has put in reserves $25,000 for staining our condos next year. We were to be assessed for $35,000. The board is now pushing for vinyl siding instead of staining. This would cost $364,000. They are asking owners to vote if they want this instead. Some of us do not have the funds for this. Could a Board be held responsible for not setting up reserves…

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Assessments Board Condominium Governance

Condo Owner Questions Action of Previous Board President

D.A. from New York writes: Dear Mister Condo, We own in a 200-unit condo complex in New York.The complex is 35 years old and in a state of disrepair. The previous board president was a non-resident owner and real estate salesman who was more concerned with commissions on unit sales and rentals than the infrastructure of the condominium. When president, this individual imposed 4 years of assessments on the owners. As I learned, as a…

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Assessments Board Common Fees Condominium Construction Defects Financial Governance Reserve Fund

Condo Owners Question Special Assessment When Reserve Fund is Available

K.L. from Outside of Connecticut writes: Dear Mister Condo, Should repairs be paid for from reserves or special assessment? Our 30-unit condo is looking at a $200,000 bill to replace and reroute utility lines that apparently weren’t properly installed when the complex was built in the early 2000’s. We have a little over $400,000 in reserves. We have a board member who is pretty adamant that we do a special assessment to fund the repairs, while…

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Assessments Board Condominium Financial Governance

Condo Board Excuses Some Unit Owners from Special Assessment

M.Y. from outside of Connecticut writes: Dear Mister Condo, I live in a condo which more than 70 units. The HOA has come up with an assessment for repairs of $4,250.00 for each owner. Can they make exceptions if some owners say they don’t have the money? Shouldn’t every owner have to pay their share; and can owners insist that the Board post the name’s and amounts that each owner has paid? Thank you for…

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