Assessment reserves
From: Rob Sandelin (floriferousmsn.com)
Date: Fri, 14 Mar 2008 11:35:56 -0700 (PDT)
 In some states assessment reserves are mandated by state law and if you do
not do so you are liable for fines.  So if you decline to create these, be
sure to know your state law so you don't end up stuck with a fine.

Rob Sandelin
Sharingwood Community
WA state, which has no assessment requirement.

-----Original Message-----
From: Robert Heinich [mailto:robert [at] enocommons.org] 
Sent: Friday, March 14, 2008 7:34 AM
To: cohousing-l [at] cohousing.org
Subject: Re: [C-L]_ Affordable Cohousing


I believe this is another area where cohousing is more forward thinking than
other types of ownership.

When I was condo president in South Florida a long ... long time ago, I did
a reserve analysis and pointed out that our condo dues should be increased
and this increase should be directed towards reserves so we can avoid a
future assessments.  This went over like a lead balloon.

Many of the owners rented their units out and did what they could to control
expenses.  I suppose that they were hoping they would sell their unit before
any future assessment and the next owner would get stuck with the tab.

I hope others take the view that it is better to pay a little bit more today
(higher monthly fees) than have a big bill tomorrow (assessment).

-Robert Heinich
  Eno Commons Cohousing Neighborhood
  http://www.enocommons.org
  Durham, NC
  where after 10 years living together, we have not had a need for an
assessment.


Quoting Sharon Villines <sharon [at] sharonvillines.com>:

> ...
>
> The one thing I wanted to add is that the a to keeping communities 
> affordable is good budgeting and the establishment of regular savings 
> (called "reserves") for large replacement and maintenance expenses so 
> no one is hit with an extra assessment.
>
> Not all households, particularly not if they qualify for affordable 
> housing, will have personal savings sufficient to withstand a sudden 
> bill for $800 as my daughter recently got in her building (not 
> cohousing).

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