In Manhattan condos, significant facade repairs can burden owners with high costs. The board can implement flexible payment options to ease financial strain, ensuring equal opportunities for all owners. They might also explore loans if allowed by bylaws. For owners behind on common charges, the board can communicate with tenants to redirect their rent payments to cover dues. This approach emphasizes the need for a fair process to foster cooperation within the building while securing necessary funds for repairs.
The board can incentivize owners to pay all at once, and charge a small amount of interest to owners who need to pay over time.
Your condominium can seek a loan for the project if the building's bylaws allow it, either by getting a mortgage on the super's unit or using income from common charges as collateral.
For unit owners who are in arrears over common charges, the condo board has several avenues... the board can send a letter to the tenant demanding that they pay their rent to the board, instead of to the unit owner.
If you know these people can't pay, let them pay over time. Everyone in the building needs to be offered the same options.
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