General Area in 11375>Question Details

Lina, Home Buyer in 11373

We have just been notified of a special assessment of more than $500 (essentially doubling our maintanence)

Asked by Lina, 11373 Fri Feb 27, 2009

and the alleged rationale is an increase in heating costs and real estate taxes. Is this possible? The assessment is in effect for 9 months and in this economy, how can the board expect struggling families to pay double what they have been paying? Does this set families up for failure and potentially default on payments and therefore sending the building's finances into more turmoil?

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You have to get involved, go to the meetings and be heard as your concerns are more than likely the same as your neighbor--find and get together with others with similar concerns and be heard as a group, your message will then be much more powerful and effective.
0 votes Thank Flag Link Fri Feb 27, 2009
unfornutely, in this times of finacial recovery, many condos and co-op's are assesing share holders, which means after the assesment goes away your still paying the same maint.
You can call your Management and maybe workout a better payment schedule then 500. Maybe 250 and 18 months or something to that affect, etc.
Also get involved with your board and go to meetings, and learn why there doing such assesments, maybe its something they neglegted for years.
0 votes Thank Flag Link Fri Feb 27, 2009

Your concerns are real. We highly recommend becoming involved. The HOA meetings are open to the public and owners are provided the opportunity to express themselves.

It is time for you to take advantage of this right and make your feelings public. We suspect you will not be alone in your cause.

Good luck
0 votes Thank Flag Link Fri Feb 27, 2009
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