CBS in the News: How to Prevent the Next Surfside

Inflation is a persistent issue that wreaks havoc on the financial health of community associations. From project delays to regular assessment increases and impact on reserve funds, the effects of inflation can be far-reaching and challenging to manage. Community association boards must be proactive in mitigating the impact of inflation to ensure that they can continue to provide necessary services to their members while also planning for future capital projects.

For years, California has been grappling with a pressing issue – a severe housing shortage that particularly impacts low- and moderate-income households who struggle to find affordable homes. To address this issue, Governor Gavin Newsom signed Senate Bill No. 330

If you are a real estate developer in California, obtaining a public report from the Department of Real Estate (DRE) is a crucial step in your project’s success. The public report discloses important information about the development to prospective buyers, such as an overview of the community, the developer’s financial stability, the project’s legal status, the association’s monthly assessments (if any), and the estimated completion date.

As an owner or manager of a homeowner’s association or other planned community, it’s your responsibility to ensure that finances are properly managed. Reserve studies are vital for an association to maintain its financial health, as they are required to take place every three years in accordance with CA Civil Code 5550. However, there are several misconceptions about them. We’re going to divulge some of the most common myths about reserve studies and explain why they are untrue.