Condo Q&A

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

Written by CondoAssociation.com | Mon, May 16, 2016 @ 09:57 AM
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?