Since the passage of the Ohio Condominium Act in 2004 and the Ohio Planned Community Act in 2010, Ohio’s community associations have been building reserve funds to repair and replace major capital items without the need for special assessments. Fortunately, many associations have built substantial reserve funds and are...
Financial
Published
When the Board Decides to Raise the Monthly Assessments – Telling the Owners
At the end of every calendar year, board members for community associations gather around conference tables, dining room tables, or tables in local libraries to have the unpopular and often dreaded discussion of how to explain to owners in their communities that their association monthly assessments are going to...
Published
An Audit of the Association’s Financial Records is Always Wise
When it comes to year-end financial obligations of associations, most boards are aware of general requirements, such as providing financial statements to the owners, finalizing a budget for the upcoming year, and completing a board-review of the association’s financial records. From time to time, boards may also opt for...
Published
Short Sales and Community Associations
Published
FHA Has Issued New Owner Occupancy Requirements for Condominiums
As explained in a recent Kaman Report, in July 2016, President Obama signed into law H.R. 3700, the “Housing Opportunity through Modernization Act of 2016.” This law allowed FHA 90 days to issue new regulations pertaining to the owner occupancy requirements when reviewing condominium associations for FHA certification. On...