Safer and More Affordable Condos: New Repair Financing Options
This act makes it easier to finance repairs and improvements in condominium buildings and helps unit owners cover special assessment costs for these purposes. This allows residents to more easily maintain the safety and structural integrity of their buildings, potentially leading to lower long-term maintenance costs.
Key points
Condominium associations can obtain insured mortgages to finance repairs and improvements of common areas, such as roofs or utility systems.
Unit owners can include special assessments for repairs in their mortgages or obtain separate loans, making it easier to cover unexpected expenses.
The loan limit for unit owner repairs has been increased, providing greater flexibility in financing necessary work.
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