---
title: What is best way for aging condo building to raise capital for needed repairs?
description: My 100 unit, mid-rise property needs significant infrastructure repair and replacement costing $750,000 to $1M dollars near term, plus another $1.5M in years to come.
---

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# What is best way for aging condo building to raise capital for needed repairs?

| [Property Damage & Repairs](https://www.condoassociation.com/blog/topic/property-damage-repairs) |   [Condo Reserves](https://www.condoassociation.com/blog/topic/condo-reserves) |   [Condo Association Loans](https://www.condoassociation.com/blog/topic/condo-association-loans) |  

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## What do you think? Question:

### My 100 unit, mid-rise property needs significant infrastructure repair and replacement costing $750,000 to $1M dollars near term, plus another $1.5M in years to come. We've had an aging resident profile for years, which is changing as turnover from estate sales, etc occurs; property values have crated to an alarming degree - up to 60% over last 2 decades and 10-30% in the last 2-3 years.  

### Our documents are very restrictive as to assessments, requiring 67% (75% for borrowing); age of residents, plus presumptive financial limitations of younger new owners buying at low prices make approval of needed assessments and/or borrowing highly problematic (we plan to make the request within the next 6 weeks).

### Obviously, this has many of the hallmarks of a classic death spiral, except that we are in a very good location, adjacent to a large university and a large hospital complex, both of which are expanding aggressively, including in the real estate acquisition area.  We also enjoy stunning area views from upper floors; it was once a prestigous address in the area, and has real potential if capital can be brought in.

### My Questions are  (1) can we compel residents to pay assessments in the face of a negative vote (especially if we can claim emergency in respect of some of the capital needs); and (2) if we ultimately can't raise capital via assessment, how can we bring in capital?

### Note that we have a current reserve balance of about $280K and a 5 year loan (which we've serviced in good shape) with a net outstanding balance of about $200K

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## What do you think? Answers (1)

#### What are your thoughts on this topic?

***Comments and postings are not legal advice**, but are the opinions of our readers. This forum and its contents are being monitored. Please be respectful of each other. *  
  

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