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The board may raise funds to complete a Special project through saving money in the reserve fund, accessing a special levy, or by borrowing the money.
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Your reserve fund is set up to fund your capital repair or replacement projects. You need to use the information from your reserve fund study, to make a reserve fund plan, to build up your reserve fund. Expect the unexpected and plan for it.
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You might want to look at making a separate contingency fund that you may use for what ever you need to do, given that all reserve funds have restrictions on what you can spend the money on.
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If you do not have the money in your reserve fund, you can assess a special levy to raise the funds. Consult your bylaws on how and when you can levy a special assessment, but remember a special assessment can be a substantial financial burden on some unit owners.
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You can minimize the financial burden by offering monthly payments instead of a lump sum payment if you are able to. You need to show that it is necessary to assess a special levy as there may be some situations in which owners can challenge your decision in court.
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Condominium corporations can look at borrowing the money when you need to fund a Special project completed right away and you do not have time to save up, or do not want to use a special levy.
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There are extra costs associated with borrowing money but in many situations the costs may be less then what you would pay if you waited years to save up the money as costs increase over time. There are a few lending institutions who specialize in this kind of borrowing and financial consultants who can assist your corporation through the process.
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You may want to combine multiple sources of funding depending on what your unit owners would like to do or what they are able to do.
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What ever solution you use to get your project funded, be sure to utilize every resource available to you. If you have a unit owner with relevant experience, use them. Some projects will require hiring a consultant, a project manager, or an engineer to oversee your project. The money you spend on these experienced professionals will ensure you get the most value for your dollar.