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Condo board borrows from reserves. Owners afraid it will not get re-paid.

| Condo & HOA Assessments |   Board of Directors |  


Question:

Our Board is borrowing from our reserves to pay for a Special Assessment that was underfunded? I have asked how they are going to repay this money back to the reserves and they are evasive. I think they should let the owners know if it is going to be a second special assessment and how much each owner is required to pay. The Board has not committed any repayment plan to the owners. What are our rights?


Answers (10)

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