New Reserve Laws Exempt Certain Buildings
Q: Our condominium consists of a number of buildings with two residential floors with covered parking underneath.
It is my understanding that the prior statutes allowed associations to partially fund the reserves. Fully funding the reserves through increased quarterly payments or a sizable special assessment will impose an unnecessary hardship on our owners given all the work already performed.
Is there a clause or exemption under the new statute that would allow us the flexibility of reducing the reserve funding where not needed?
The post New Reserve Laws Exempt Certain Buildings first appeared on Florida Condo & HOA Law Blog.
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