Question:
Our condo HOA board has voted to use our homes as collateral to secure a $5,000,000 loan at 8% interest for a siding project. They’re putting a $360 special assessment fee into effect on top of the $490 we already pay in HOA dues. Is this legal? Most of the owners here can’t afford this.
– Katherine
Answer:
Hi Katherine,
Homeowners associations in Oregon do generally have the ability to levy special assessments in addition to the regular fees members pay. Make sure to check your governing documents, though, to see if your condo is authorized to do this.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
