Every association has different Reserve requirements depending on the scope and timing of their Capital Repair projects These are projects that the association can anticipate but that occur infrequently - every several years or even decades - and that carry hefty price tags. But - is there any consistent way to measure the current “strength” of the Reserve Fund? 

Follow along with Bryan Farley, RS of Association Reserves, in this informative explanatory video on what exactly percent funded is.

Watch here

The Illinois Eviction Moratorium has been extended to September 18, 2021 and the Federal Moratorium has been extended until October 3rd. 

Evictions can be filed against any tenant for any reason. The only tenants who will not be evicted are those that return the signed IL Declaration proving that they are a “Covered Person.”

A “covered person” is a tenant who has returned the IL Declaration claiming that:

1. They expect to earn no more than $99,000 in annual income for Calendar Year 2020 (or $198,000 if filing jointly);

2. They are unable to make a full rent or housing payment due to a COVID-19 related hardship including, but not limited to, substantial loss of income, loss of compensable hours of work or wages, or an increase in out-of-pocket expenses directly related to the COVID-19 pandemic;

3. They are using best efforts to make timely partial payments that are as close to the full payment as the individual’s circumstances may permit, taking into account other non-discretionary expenses; and

4. Eviction would likely render them homeless—or force them to move into and live in close quarters in a new congregate or shared living setting—because they have no other available housing options.

Evictions can be filed against a covered person and an eviction order can be obtained, but the moratorium must expire before it can be enforced.

ABC News aired a story on August 11 focused on lessons learned from the Champlian Towers Condominium collapse in Surfside, Florida. Lauren Peddinghaus of Haus Financial Services was interviewed along with other experts in the industry to find out what steps boards can take to protect their residents.

View the story here.

Following the tragic collapse of the Champlain Towers in Surfside, Florida last month, responsible members of condo boards need to take immediate steps to certify that required repairs and maintenance of common areas and facilities are conducted timely and competently. 

Learn how these preventative measures can save lives, here

Story and interview following the condominium collapse tragedy in Florida to air Wednesday, August 11th at 10 p.m. 

Find out what condo boards and owners need to know to ensure the safety of their own buildings.

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