M.D. from Hartford County, Connecticut writes: Dear Mister Condo, Our association is getting bids on a big project. There are not enough Reserves set aside for it. I had assumed the remainder needed could be an assessment or a loan. But in the past our association significantly dwindled reserves for a decorating project, paid 100%…
Tag: Reserve Fund
Restoring the Condo Reserve Fund Too Quickly
S.G. from Cook County, Illinois writes: Dear Mister Condo, Last year we elected the new condo Board of Directors. According to their budget analysis, they decided to increase the assessment each year by 15% to increase the reserve fund. Also, they decided at the same time to implement the 13-th month assessment to speed up…
Condo Complex Defects are the Tip of the Iceberg
L.M. from New Haven county, Connecticut writes: Dear Mister Condo, I have lived in a complex for nearly 25 years and while it’s fine, a new board and management company took over. The owners are responsible for their own windows, storm door and garage doors. I have replaced mine but some of the condos have…
Condo Reserve Fund Used to Pay Legal Expenses
T.E. from Burlington County, New Jersey writes: Dear Mister Condo, Can Reserve Funds be used to pay for legal fees of a private homeowner that sued the HOA? They now want the HOA to pay for his legal fees for a lawsuit he filed against the HOA. Mister Condo replies: T.E., I am sorry that…