As a responsible board, are you also concerned that you would be probably be requiring people to put up 10% more money from their family's liquidity?

Of course no one likes foreclosures. So why put more monetary pressure on people?

You should be more concerned that they are able to make their monthly maintenance payments, with sufficient cash reserves to handle any assessments.

Forcing people to surrender unnecessarily large downpayments is one way to keep out the kind of lower-income people your board obviously doesn't want. These kinds of discriminatory policies are part of what's behind measures like 119 in the NYC Council.

My grip is pretty firm, thanks.