2011 Community Association Outlook is Bright!
Two of the biggest challenges boards tackled were collecting from delinquent owners and safeguarding association funds. In some parts of the country, unpaid assessments have resulted in deferred maintenance and cuts in services. Here, most boards have diligently enacted aggressive collection policies, proposed amendments to fortify provisions in the governing documents, and joined together to introduce “Superlien” legislation, which would protect condominiums from unrecovered losses in a foreclosure. Additionally, board members have taken steps to safeguard the associations’ money and ensure that they and their property managers are covered by the Association’s fidelity insurance.
The next time you see your volunteer condominium board member or property manager, say “Thank You!” Because of their hard work finding creative solutions, your community not only survived 2010, but will thrive in 2011.
Kaman & Cusimano, LLC: we do one thing and do it well: Ohio condominium and homeowner association law.