Caps on Special Assessments and Expenditures within Condominium Associations

In reviewing condominium association declarations over the past several years, on a number of occasions I noted a similar provision in many declarations which places a cap on the amount of a special assessment the board of directors can adopt without an owner vote. Typically, this provision provides that the board may adopt a special assessment, but if the special assessment is for more than three hundred dollars ($300) per unit or more than five (5) times the monthly assessment per unit, then owners with at least two-thirds (2/3) of the total votes in the association must approve the special assessment before it can be adopted. Such a provision would seem to restrict a condominium association’s board of directors’ ability to adopt a needed special assessment if the special assessment would be more than the capped amount.    Read the article…………..

Related Articles

Condominium Deconversions: Examination of a Section 15 Sale (IL)

developers looking to convert condominium associations into rental properties have descended upon the condominium association market, flooding many associations with offers to purchase all of the units from the owners.

Budgeting for Snow Removal Without a Crystal Ball

For community associations that maintain their own streets, exterior parking lots and sidewalks, snow removal services can easily be one of the highest budgeted expenses each year

Appellate Court Rules In Favor Of Association To Recover Unpaid Assessments From Third-Party Purchaser (IL)

To the benefit of Associations who are hit hard by the foreclosure crisis, the First District Appellate Court recently held