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Condo association wants 3% fee increase due to new reserve laws

| Budgets & Finance |   Condo Reserves |  


Question:

My condo association trustees are citing a 3% across-the-board increase in condo fees for my building was necessary to meet new United States Department of Housing and Urban Development (HUD) insurance and minimum capital reserve funding requirements. I have not been able to find much additional detail on this law. Can anyone shed some light on this or confirm the rationale? Thanks, Rob


Answers (12)

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