Cohousing-L Mailing List: RE: HOA Budgets

[Rob Sandelin (Exchange) (Robsan]

Reserves are determined by states condo act.  Since Sharingwood is an
airspace condo, the act specifies we are not required to create a reserve
fund, since in our ownership model there may be no "common" element for the
group to have to hold reserves for.  A small advantage for single family
dwellings.  Of course we do have common elements, including a commonhouse
and road which will someday need repair.  In our state, other forms of
condos do have reserve requirements.  
We actually have an assessments reserve equal to two months worth of
assessments, but this is to cover in case someone does not pay their
assessment rather than for replacement of anything.
Rob Sandelin
Sharingwood
>    -----Original Message-----
>    From:      Zpaiss [at] aol.com 
>    Sent:      Friday, January 05, 1996 12:14 PM
>    Subject:   HOA Budgets
>    Greetings Everyone,
>    On Jan 2 Rob Sandelin posted the HOA budget for Sharingwood in
>    Washington and
>    I notice something that I can't let slip by. RESERVES!!!!
>    I don't know if it a federal law, but in Colorado a wopping 40% of home
>    owner
>    dues are required to be set aside for replacement.  This includes
>    common
>    house painting, roofing, replacement for the large capital equipment
>    like
>    stoves, heating equipment and carpets, pedestrian walkways, and in our
>    case
>    the exterior maintenance of the homes (which are legally owned by the
>    home
>    owners association).
>    Our dues here at Nyland in Colorado range from $104 - $160 depending on
>    a
>    variety of factors ranging from size of home, number of residents,
>    square
>    footage of finished space and exterior square footage.
>    Hope everyone is enjoying their winter.  We just got dumped on with
>    several
>    feet of new powder in the mountains!
>    Zev