Cohousing-L Mailing List: Re: Large Increase in Capital Reserve requirements

[PAMELA LEITCH (info]

Hi Chris,

What we do is keep our assessments on paper consistent with the Declaration 
formula.  Then, we have a separate “piggy bank” account where those with the 
means round up their assessments or otherwise contribute to the fund.  Those 
who are struggling can access the fund for a few months per year to pay their 
assessments.  Oregon is a highly regulated state and this was OK with our 
attorney. The separate account uses the tax ID of the HOA and the treasurer 
reports the balance, but not details of who accesses the money.

Since the Florida Surfside condo collapse a few years ago, many states are now 
requiring beefed up Reserve Studies.

Pam Leitch, JD, CMCA
HOA Coaching, LLC
hoacoaching.com <http://hoacoaching.com/>

> On Jul 8, 2024, at 7:38 PM, Chris Hansen <itschrishansen [at] gmail.com> 
> wrote:
> 
> Hi everyone
> We in Burlington CoHousing are a widely mixed-income group of 32 households
> with 9 affordable units for people on lower incomes quite a number of
> others on low or limited income and some of much more comfortable means
> We have just undergone a Capital Reserve Study which has necessitated a
> very steep increase requiring us to raise $50k-$60k each year for the next
> 9 or so years.
> Needless to say, this is daunting, especially for those on lower incomes.
> I'm wondering how other communities have handled similar situations?
> Have any of you successfully created 'sliding scales' or means-adjusted
> ways of enabling people to pay what they can afford?
> Any other creative solutions or suggestions?
> With thanks!
> 
> 
> -- 
> Chris Hansen
> 32 East Village Drive
> Burlington
> Vermont 05401
> USA
> 
> Ph 603 3988730
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