|Re: Reserve Studies||<– Date –> <– Thread –>|
|From: Dave and Diane (daveanddeeverizon.net)|
|Date: Tue, 8 Aug 2006 19:43:29 -0700 (PDT)|
Hi all,In response to Brian's comment I looked up the requirements of the condominium law in Massachusetts (chapter 183A which can be found at: http://www.mass.gov/legis/laws/mgl/gl-183a-toc.htm) Although Massachusetts requires a reserve fund, it can evidently be modified by a vote of 67% of the unit owners. I wonder, particularly in light of what evidently happened to Cardiff Place, if any cohousing communities have done away with their reserve requirements. It might be something people would consider if they didn't have any long-term commitment to the community.
--Diane(:^[ JP Cohousing, Boston MA = = = = = = = = = = = = =(i) All condominiums shall be required to maintain an adequate replacement reserve fund, collected as part of the common expenses and deposited in an account or accounts separate and segregated from operating funds. The requirements of this subsection may be modified pursuant to subsection (m) of this section.
(m) After control of the condominium has been transferred from the declarant to the organization of unit owners, the organization may by an annual vote of sixty-seven percent in beneficial interest or more of the unit owners modify any or all of the following provisions: the requirement regarding the review of financial records for condominiums comprising fifty or more units in the second paragraph of subsection (d), but such review shall be performed not less frequently than every two years as provided in said subsection (d); the frequency with which written reports must be prepared by the manager or management agent pursuant to clause (1) of subsection (f); the signature requirements in subsection (g); the requirement for fidelity insurance coverage in subsection (h); and the reserve fund requirement of subsection (i); provided, however, that any such modification may be rescinded at any time by the vote of a majority in beneficial interest of the unit owners.
On Mon, 07 Aug 2006, at 14:43:41, Brian Bartholomew wrote:
Date: Mon, 07 Aug 2006 14:43:41 -0400 From: Brian Bartholomew <bb [at] stat.ufl.edu> Subject: Re: [C-L]_ Reserve Studies To: Cohousing-L <cohousing-l [at] cohousing.org> I certainly like the goal of keeping the real estate in a roughly constant good condition, but I'm wondering if there are other ways to implement that goal that don't involve saving a pile of near-cash. Brian ------------------------------
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