What can a condominium do when it is facing a large deficit or an unexpected repair project has depleted the reserve fund? Typically, the condominium would levy a special assessment or increase the monthly fees. In some cases, a loan might be the best option for the condominium and its owners. Some condominiums have found creative ways to generate extra revenue to offset expenditures and avoid (or reduce) deficits. Some of the ideas work better when the deficit is small and there is at least some advance warning of it. Read the article………….
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