I volunteered for the Marine Corps right out of high school. I served for two and a half years until a training injury led to my medical discharge. While that was not the way I intended for my military career to end, I picked up many valuable leadership skills in my time serving and still carry them with me today. In addition, these skills have helped me successfully run my business.
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You pay your HOA dues every month. Then the association tells you it needs a special assessment to replace the roof. Your first question is probably: Where did all the money go?
Some paid the insurance. Some paid the utilities. Some paid for routine maintenance. But paying those bills and saving enough to replace the roof are two different jobs.
Learn how AB 2050 changes California HOA reserve funding in 2032, including the 15% rule, nine-year restriction on the reserve funding special assessment, percent-funded benchmarks and long-term reserve planning.
AB 1572 will restrict potable-water irrigation of nonfunctional turf in California HOA common areas beginning in 2029. Learn what boards should plan and budget for now.
AB 2050 could significantly change how California HOAs fund their reserves beginning in 2032. Just as important, it could make the assumptions inside a reserve study much more consequential to homeowners.
