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7
Community needing work and the HOA could theoretically go broke
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So this is a small community of 36 townhouses built in the mid 70s. Four buildings with the first being on the highest ground and the 4th being, you guessed it, on the lowest part. There's a street at the entrance (bdg 1) and a main street behind bldg 4. The county water and sewerage line run through the property driveways and under the 4th bldg to the county lines which are under that main street. Recently rain has caused water intrusion in bldg 4 on a fairly regular basis. The quotes we've gotten for a repair is well over $100,000 and that's not including fixing flooring etc inside owner's units because some of the repairs includes going through/under the slab.

We've already had a water line break near another building which resulted in a special assessment. Now, this!

As a member of the Board, I don't know what to make of all of it. How do other boards deal with big expenditures without special assessments? Part of me wants to ask the plumbing company if they'd extend credit or has a way for us to finance the work. Suggestions are very much appreciated.

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11 months ago