|Re:Cohousing Assessments--What do you pay?||<– Date –> <– Thread –>|
|From: Joaniblank (Joaniblankaol.com)|
|Date: Fri, 21 Aug 1998 16:13:04 -0500|
In communities that are structured as condominiums, we pay condo fees just like in a conventional condominium. (Of course, unlike in conventional condo, the condo board has everyone on it rather than a board of elected representatitves). In California (and I assume in other states), there is law that governs certain aspects of the way condo fees are set and how they are allocated. For example, the law requires--someone please correct me if I'm wrong--that we have a significant reserve, and even requires that a reserve study be done by an outside person every three or five years to be sure that our reserves are adequate. At Doyle Street we have borrowed from our reserves a few times, and then put the money back by budgeting in periodic (monthly?) payments to replenish the reserve fund. I think we also pay the interest to the reserve fund on the funds we have borrowed from it. As to the determination of the amount paid by each household. At Doyle Street we base the assessments (solely) on the square footage of the units, and they range from about $180 to $240 per month. (I'm not at home now so I can't check the exact range.) My unit is 1170 sq ft, and I pay $212/month. We have had three invcreases in the 6 years since we started. The first was when we decided to purchase earthquake insurance, and the other two were "cost-of- living" or "cost-of-running-the-place" increases. I'm pretty sure that we will be determining the allocations the same way in Old Oakland. I know that other communities, perhaps even in California, use other consderations in addition to square footage to determine household assessments. Joani Blank Doyle St. and Old Oakland Cohousing, SF Bay Area
Cohousing assessments--what do you pay? Carl Chatfield, August 20 1998
- Re:Cohousing Assessments--What do you pay? Joaniblank, August 21 1998
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