Category: Finance

Finance
New Jersey #1 in Property Taxes

According to the latest data from the U.S. Census Bureau, the median annual property tax paid by homeowners was $2,578 in 2019, or 1.03 percent of home value - not a huge percentage on average, but many households pay far more than this bas…

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Finance
Financing for Condo & HOA Associations

When a homeowner, landlord, or co-op corporation needs to fund a large capital project, they have the option of securing a loan with their real estate. In all those cases, a conventional mortgage - a loan secured by real property - is the m…

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Finance
Tapping Reserves in a Time of Financial Crisis

It’s a question we’re asked all the time: "Can we use reserves to cover an operating fund shortfall?" Under normal circumstances, our standard response would be an emphatic “No!” -- because reserves are for major repair and replacement proj…

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Finance
2019 May Capital Reserve Funds

As community members, co-op and condo owners work together to maintain the greater structure in which they live – not just their individual units. Major systems – things like boilers, roofs, and façades – are expensive to maintain and repai…

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Finance
2018 July When Associations Borrow

Whether it’s a renovation, an emergency repair, or anything in-between, condos, cooperatives, and homeowners’ associations are rarely not spending money on something. And while they may have reserves on hand to pay for its latest project, m…

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Finance
2018 July The Tax Act of 2017

The Tax Cuts and Jobs Act of 2017 represents the first major restructuring of federal income taxes since 1986, and ushers in serious changes to how co-op, condo and HOA owners will benefit from home ownership. In many cases, the new law wil…

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Finance
2017 October Appropriate Use of Common Funds

Here’s a scenario:  It’s mid-December.  The board has assembled for their last meeting of the year.  The managing agent brings great news: due to several unforeseen factors, including the past year’s mild winter and savings resulting from c…

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Finance
2017 July Financial Oversight

Co-op, condo and HOA living represents a unique social arrangement; it’s a paid-for membership club and a home at the same time. Many people enter into this arrangement without a complete understanding of the responsibilities of membership.…

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