How can I stop our condo association's ongoing special assessments?

Posted on Tue, May 11, 2010 @ 07:35 AM

special assessmentsI have lived in a 17 unit condo building for 3 years. Over the past 10 months we have incurred a special assessment to cover the rebuilding of our back porches to be updated to Chicago's required code. I recently found out that we are being given another special assessment to cover an overdue utility bill and several tenants are afraid that they will no longer be able to afford their assessments. I also recently found out that several unit owners are not paying their assessments at all. Is there anything that can be done to retrieve this money from the non-paying owners and also to stop the condo association board from approving ridiculous increases to monthly assessments?

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Tags: Condo & HOA Assessments, Budgets & Finance