Law & Logic of Homeowner Association Capital Reserves

Continued from page 1
Reserve studies analyze and predict cost and timing of future repairs of association maintained components like roofing, pools, paving, landscaping, painting, fences, decks and other items that have a useful life of between 3 and 30 years. The typical condominium association has between 15 and 30 items that fall under "reserve" definition. When repair costs of these 15-30 items are added up, it usually amounts to hundreds of thousands, even millions of dollars. This is not chump change. It takes careful planning to accumulate funds plus know how and when to spend it. That's what reserve planning is all about. Reserve plans require all owners to pay a monthly share of future repairs and replacements. These payments pay for assets that are being used up. If an owner sells, next owner picks up monthly share. All owners pay a fair share and no more special assessments! This is as it should be. If you've been thinking there's a better way to manage association assets, there is: It's called a Reserve Study. Whether by law or logic, it's time your homeowner association started doing business like a business.

Neda Dabestani-Ryba is a licensed Realtor in Maryland. She is a member of the President's Circle of Top Real Estate Professionals. She can be reached at (800) 536-3806 or visit her website for more information: http://neda.dabestani.pcragent.com/ Prudential Carruthers REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

ACCESSIBILITY REQUIREMENTS FOR FAIR HOUSING

Continued from page 1
Solutions Urge HUD to maintain compliance education as a priority and to actively participate in building code amendment process to help ensure building code requirements are compliant with Fair Housing accessibility requirements. Further, urge HUD’s timely review of compliant building codes and approval of them as a safe harbor for compliance with Fair Housing accessibility requirements and to develop a more reasonable approach to addressing non-compliance. Continue to support and actively participate in ongoing education and training efforts to inform builders about accessibility requirements under Fair Housing Act. Maintain NAHB’s Fair Housing Accessibility Education Accord with HUD as a demonstration of NAHB’s commitment to improving compliance through education and continue participation in HUD funded compliance initiatives. Support nationwide adoption of model accessibility building codes endorsed by HUD as providing a safe harbor for complying with accessibility requirements of Fair Housing Act. Work with other interested groups, including building product manufacturers, disability advocates, real estate, and multifamily design and construction groups to promote education, outreach, and compliance with accessibility requirements of Fair Housing Act. Urge HUD to prohibit use of Fair Housing Initiatives Program funding for litigation. Work with Department of Justice to develop clear criteria for enforcing accessibility requirements of Fair Housing Act. Support legislative or regulatory changes that would limit liability for industry members who were involved in design and construction of non-compliant buildings due to a lack of clear guidance, and who made a good faith effort to meet requirements of law.

Neda Dabestani-Ryba is a licensed Realtor in Maryland. She is a member of the President's Circle of Top Real Estate Professionals. She can be reached at (800) 536-3806 or visit her website for more information: http://neda.dabestani.pcragent.com/ Prudential Carruthers REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.