Fines can be an effective deterrent to bad behavior if they are big enough, meaningful, and framed the right way, but they can also encourage bad behavior if they are seen as a reasonable price to pay. (Print: Laying Down the Law)
Fines can be an effective deterrent to bad behavior if they are big enough, meaningful, and framed the right way, but they can also encourage bad behavior if they are seen as a reasonable price to pay. (Print: Laying Down the Law)
The Corporate Transparency Act, a new federal law requiring disclosure of beneficial owners of most corporations, limited liability companies and partnerships, has been declared unconstitutional by a district court in Alabama, leaving co-ops and condominiums uncertain about its scope. (Print: A Cloudy Future for the Corporate Transparency Act)
When updating house rules, focus on clarity, communication, and enforcement to ensure residents understand and comply effectively.
Owner involvement can be positive, but plan carefully. Define goals, roles, decision-making, and commit to allowing influence.
The board of a small Brooklyn co-op secured a Multifamily Express Green Loan to fund energy-efficient upgrades, such as replacing the gas boiler with all-electric heat pumps. The project was covered by increased maintenance fees and reserve fund utilization.
When should boards seek new partners? No blanket answer, but steps to guide decisions: clarify expectations, define the gap, assess impact, revisit improvement tactics, specify triggers.
During a condo's construction project delays, communication is key. Craft clear explanations, don't wait to communicate, and manage expectations to prevent owner concerns and discontent.
The writer expresses concerns about the tone of their board's emails to residents and seeks advice on improving it. The response advises adopting a neighbor-to-neighbor tone, avoiding imperious language, and inviting dialogue with residents.
A concerned individual seeks advice on preventing board directors from disclosing confidential information.