Homeowner Association Assessments
Many homeowner associations may find themselves in a situation where they are unable to perform needed work due to extremely low association dues. I recently heard from a board member of a homeowners association which needs their documents revised as they are over thirty (30) years old. Unfortunately, the association only collects $25 a year in assessments per unit.
Hopefully the association’s documents allow the Board to increase the assessment. With such a low annual assessment, the association is not in the position to deal with bylaw enforcement or collection matters, should they arise. The association must be properly funded and associations may need to amend their documents to give the board additional latitude with respect to collecting monies to protect the integrity of the community. One should engage in an attorney familiar with community association law to assist in redrafting documents, including the ability to increase the revenue for the association.