Q: How often does the government come in and take over a homeowners association. I’m a board member, and our reserves are underfunded. On paper, for 2020, the total should be $450,000. At this time we have $250,000 but are going to spend most of that ($160,000) to replace the roofing that was installed in the late 1980s. About $75,000 is raised in assessments each year. Management wanted the board to raise the assessments, which all members were against. It then made the threat that, because of the underfunding, the state/county might come in and take us over. Read the Q & A…………..
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