The Colorado Common Interest Ownership Act (“CCIOA”) and the Colorado Revised Nonprofit Corporations Act (“Nonprofit”) are the two primary statutes governing common interest communities in Colorado. These statutes are long, complex, and contain provisions many people are not familiar with, and, frankly, may not care about. However, it is fun to take a look atGo to Resource
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What is a special assessment? A special assessment is an assessment that is not contemplated in an association’s budget for the fiscal year and is therefore over and above the regular assessments imposed in accordance with an association’s budget. One reason for imposition of special assessments is to pay for unexpected repairs and replacements occasionedGo to Resource
The language of the governing documents of an association provides what an association’s board and owners are allowed and required to do. However, the governing documents often use words that at first blush seem to mean the same thing, such as “power” versus “duty,“ “can” versus “will,” and “may” versus “shall.” Some of these wordsGo to Resource
Understanding the difference between a maintenance obligation and an insurance obligation is a crucial part of community living. Maintenance and insurance obligations differ between associations depending on how the governing documents are drafted whether the association is classified as a condominium, townhome, or single family community. It is important that an association understand the differenceGo to Resource
Unfortunately, we continue to see major increases to insurance premiums in Colorado, and for some communities, insurance has become practically unaffordable. In fact, it is no longer unusual to see annual premiums ranging between $600,000 and $800,000 for some associations, with no sign of relief in the near future. So, what are associations to doGo to Resource