Question:
Can the HOA board pass a motion to require a special assessment for the sole purpose is to fund the reserve account (currently 55% funded) with no current specific need?
– Willard
Answer:
Hi Willard,
Generally, yes. This is something many HOAs with underfunded reserves do. However, it will still depend on your governing documents. Make sure to check your CC&Rs and bylaws to see what your board can and can’t do when it comes to levying special assessments.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
