New York's Cooperative and Condominium Community

Habitat Magazine December 2020 free digital issue

HABITAT

ARCHIVE ARTICLE

Condo Borrowing

RPL SEC. 339-JJ

To the extent authorized by the declaration or the bylaws, a condominium’s board of managers, on behalf of the unit-owners, may incur debt.

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"When it comes down to covering the costs of making capital improvements and repairs to your condominium, your funding options are fairly limited. You can either assess your unit-owners or find another source, which typically is borrowing. If you’re not familiar with the statute that allows condominiums to borrow, you may find yourself not planning appropriately or not maximizing the options that are best suited for your building and its residents."

To read the full lecture, visit: http://bit.ly/AFinkelstein

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