I believe the Board of directors representing the Home Owners Association recognizes the undue hardship that will be caused by requiring unit owners within our community to pay an extremely large bill of the magnitude of $16,000-$25,000 within 90 days. With that said they should be willing to do whatever is within their power to ensure we do not endure any such hardship. It has long been stated and assumed that our HOA reserve fund cannot be used to fund maintenance or repair of Limited Common Elements because the Declaration and By-Laws forbid it. However when you actually read the Declaration and By-Laws not only do these articles say that the reserve fund may be used for both General and Limited Common Elements, but it says that they may ONLY be used for the purpose of effecting the maintenance, repair or replacement of the General Common Elements and Limited Common Elements. For this reason I believe the board should agree to fund the siding repair through our reserve fund with little to no cost to the individual homeowners.
↧