B.B. from Collier County, Florida writes: Dear Mister Condo, My condo association received funds from an insurance claim filed regarding hurricane damage. Included in the claim were windows, a roof, and various other items. If the association wants to use some of the funds received in the settlement to purchase new windows for all owners…
Tag: Financial
Consumer Price Index Dictates Condo Common Fees
Dear Mister Condo, J.L. from South Carolina writes: I’m president of an 8-unit condo with no reserve. Current dues to each owner are $175, total, $1,400 monthly. By the time we pay all the routine bills and management $260/monthly, we are left w/ no money to do anything. I’ve tried to increase dues, but management tells me we…
Condo Loan Approval by Majority of Owners Required
E.L. from Hartford County, Connecticut writes: Dear Mister Condo, My condo association is in the process of attempting to take out a loan for common element repair (roofing and siding), and special assess all unit owners for each units’ share of the loan. The loan requires a majority of unit owners to vote “Yes” to…
Mandated HOA Capital Reserve Fund Contribution
L.R. from Litchfield County, Connecticut writes: Dear Mister Condo, Currently, 10% of our HOA fees are put into a Capital Reserve Fund. Some of our units are 12-years old, and the newest ones are 2 years old. Is there a mandate in Connecticut designating what percentage of HOA fees are to be allocated for Capital…