Condominiums could have better governance and money for repairs
By Hicbd
Wed Jul 7 2021 10:49 am
"Only about 10 states require associations of homeowners to assess how much money they will need for big-ticket repairs in the future, and a vast majority of states do not require condo boards to maintain robust reserves to help pay for those items when they come due. About one-third of associations are far behind on their savings, with 30 percent or less of the money needed to prepare for future big-ticket projects."
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