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The Meter is Running
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41 legal experts on game-changing laws, rules, and cases.
RPL SEC. 339-JJ
To the extent authorized by the declaration or the bylaws, a condominium’s board of managers, on behalf of the unit-owners, may incur debt.
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"When it comes down to covering the costs of making capital improvements and repairs to your condominium, your funding options are fairly limited. You can either assess your unit-owners or find another source, which typically is borrowing. If you’re not familiar with the statute that allows condominiums to borrow, you may find yourself not planning appropriately or not maximizing the options that are best suited for your building and its residents."
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