Friday, August 03, 2007

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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