Condominium homeowners face rising condo fees and special assessments
Marjorie Murray of the Center for California Homeowner Association Law sent this link. For more information from her, try info@calhomelaw.org
Currently 178 cities in the state have inclusionary housing laws which require developers to build affordable units (typically 10-20 percent) into their projects. But condos in general attract those looking for affordable housing. With a state-wide trend toward more urban in-fill, smart growth projects and mixed income multi-family housing, two out of three new units now being built are part of so-called Common Interest Developments. Even many new single family developments are designed as condos -- with the homeowners (rather than the city) responsible for maintaining infrastructure and roads. Be they young first-time home buyers or seniors -- many choose the condo over a single family home as a more practical, affordable solution. After all, the exterior maintenance costs are shared -- it's got to be cheaper, right? But what begins as affordable housing can change fast when monthly fees rise precipitously and special or emergency assessments fall like rain.
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