This question is submitted by Leonard J. out of Alabama
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Our COA is evaluating possibilities for a grant, loan, or credit line. We are a diverse association of nearly 100 units in a 40+ years old condominium of good condition. We have reserves that can cover about half of our needs over the next 15 years and a commitment to the reserves. Unfortunately, our reserves (over $250K) and new contributions will not cover the next five years' needs (over $500K). What direction, advice, and warnings can you supply?
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Thoughts?