When it comes to financing capital repairs for condos, it is best for boards to give unit owners as few options as possible.
If boards decide to offer unit owners different options, one person might want to pay the whole amount up front, while somebody else might want to pay a portion upfront and then pay the balance over time, while somebody else may want to pay in two installments. Additionally, if the board is looking to secure a bank loan to finance the repairs, they will need to calculate interest for all of the options provided to unit-owners.
Eventually, it becomes an accounting nightmare for the association to keep track of every unit and which option they're using.
Find out how to best handle the financing of capital repairs, here.
Typically, Cook County 2nd installment tax bills are mailed in late June and due by August 1st. However, this year, they will be delayed due to a computer upgrade in the Assessor's office. However, they will still be out about a month earlier than last year.
As per the latest information from the County, the 2nd installment tax bills are now expected to be mailed by November 1st and due December 1st.
If you are looking for information on specific topics, try CAI (Community Associations Institute)!
CAI Illinois offers several resources, including…
- The CAI Illinois Blog offers insight on current issues and common questions within community associations.
- The CAI Illinois Youtube channel holds live and recorded versions of virtual Q&A events.
- The Common Interest magazine features over 200 archived articles.
- The CAI Condo/HOA Q&A Sessions allow users to ask and answer questions or access past Q&A Session recordings.
While Community Association Managers have long been required to maintain a license with the Illinois Department of Financial and Professional Regulation, management firms themselves did not need to register until now.
Effective June of 2023, management firms must now also be licensed. These new licensure requirements are designed to ensure better quality control by requiring designated supervision of all management firm and administrative employees.
Learn more here.