In my many travels in condo world I have seen some pretty poor practices by boards of directors and management companies but the prize for the most egregious acts I have ever seen has to go to a nice luxury building in Aventura, Florida of which I am very familiar with.
So your condo and HOA has a capital improvement project that cannot wait any longer. The board has put off the maintenance or repairs long enough and its time the roof, pool, drive way, plumbing, electrical, security or painting job finally got done. No matter what, it is it’s going to cost a nice chunk of change and the reserves have been depleted due to the financial crisis that we are just coming out of. Its time to think about Community Association Loans.