The answer to the questions are opinions. Discuss the answers. Have a different answer? Q. From L - Money is tight. The economy is bad. Can the HOA Board reduce the amount collected for reserves? A. Yes they can reduce or even eliminate the amount going to reserves for awhile if they tell the members. If a repair is needed and there is not enough money, then the board will ask for a special assessment. During economic hard times, reducing the assessment may mean the difference between the expense of foreclosure and keeping a neighbour who is able to pay at a reduced rate. Property values suffer when buyers see huge assessments. Low association fees make your condominium units more attractive, especially if you must sell due to economic hardship. |