ARCHIVE SEARCH RESULTS

Refinancing mortgages requires understanding prepayment penalties, which can be sliding scale or yield maintenance-based. Consider lines of credit for cost-effective funding flexibility.

Lead-paint regulations primarily concern renters, but co-op owners can be affected when subletting or selling. Communication, testing, and document updates are vital for compliance and cost management.

To combat arrears, regular reports track delinquent payments. Early communication through multiple channels and negotiations aim to prevent legal action while maintaining empathy and professionalism.

Building budgets consist of operations, capital projects, and a wish list. Proactive planning, transparent communication, and understanding community needs are crucial for financial success.

Effective communication is crucial for managing boards' governance challenges. Managers facilitate discussions, distill information, and encourage transparent communication with shareholders through newsletters and meetings.

Smaller co-ops face unique challenges enforcing rules due to close relationships among residents. Balancing regulations with compromise and collaboration is crucial.

The Climate Mobilization Act and its fines for carbon emissions necessitate proactive retrofitting. Delaying leads to escalating fines. Electrification and preparation for the future are crucial. Ignoring the Act is not advisable for boards.

Co-ops with underlying mortgages must share annual budgets with lenders. Property taxes, up to 50% of budgets, are challenging to predict. Tax certiorari lawyers contest assessments, reducing valuations. Finalized budgets consider settlements, keeping buildings healthy and appealing for residents, refinancing, and potential buyers.

After taking over a self-managed co-op with an efficient but communication-lacking board, new measures like Q&A sessions and newsletters improved relations with shareholders. Tech-savvy additions and improved internal communication have shown positive results.

The new mandate requiring co-ops and condos to pay prevailing wages to employees in order to receive the property tax abatement has had a significant impact on budgeting. For condos, this means increasing the budget by raising common charges to meet the prevailing wage requirements.