J.C. from Morris County, New Jersey writes: Dear Mister Condo, Can a Condo Association, incorporated in New Jersey, borrow and pay back money from the Reserve Fund? These funds would be used for building code issues that the builder did not complete. It is for a 300 + unit association with several million dollars in…
Tag: Reserve Fund
What is the Reserve Fund Law in New Jersey?
L.B. from New Jersey writes: Dear Mister Condo, What is the HOA reserve fund law in New Jersey? Mister Condo replies: L.B., I had a similar question back in 2015. Here’s what I had to say about it back then – https://askmistercondo.com/new-jersey-hoa-reserve-fund-law/ Honestly, not much has changed. CAI has conducted a state by state review of Reserve…
Average Percentage of Annual Budget Used to Fund Reserves
J.L. from Connecticut writes: Dear Mister Condo, What is the average percentage of the annual reserve annual set aside by Connecticut condo associations? Mister Condo replies: J.L., great question! Reserve Funds vary by association and there is no such thing as an “average percentage” to set aside because each association is different and each has…
Who Owns the Condo Reserve Fund?
H.D. from Shelby County, Tennessee writes: Dear Mister Condo, I live in a condominium that is made up of only 2 units. The dwelling was classified previously as a house as a was former family property that had 2 dwellings – side by side with separate entrances-similar to a duplex. The property was sold by…