Special assessments are commonly used to pay for unexpected repairs and replacements occasioned by unforeseen, and often catastrophic events, such as a roof replacement after a wind/hailstorm where insurance proceeds are insufficient to cover the costs, or to pay for an elevator replacement when a condominium building’s only elevator unexpectedly fails. Once you have decidedGo to Resource
Budget Resources
Since July 1, 2018, when the CCIOA budget process was made applicable to pre-CCIOA communities, there continues to be confusion and unclarity with respect to the CCIOA budget process and especially if and how it applies to special assessments. The purpose of this article is to help clarify both the budget process and special assessmentGo to Resource