As the association industry matures, more and more communities are faced with the responsibility and need to perform major repairs of common facilities. Often, because of poor planning, inflation, or unanticipated problems, associations have not accumulated sufficient reserves to finance needed repairs.

In the past, when faced with major repairs and insufficient funds, associations had no alternative but to pass a special assessment to raise needed cash, defer repairs, or complete the work piecemeal over time. Each of these solutions can create new problems for the board and association members.

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