Parts of the Tax Cut and Jobs Act advancing in the U.S. Congress modify existing mortgage and homeownership provisions of the tax code to eliminate or restrict access to homeownership incentives. This is simply not good for the economy or the community association housing model.
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Is your Association prepared if they are named as a defendant in a lawsuit? Community associations need to be prepared for the possibility of litigation. To help ensure that your association is prepared, read "Defending Unit Owner Lawsuits in Community Associations: A Step by Step Process" here[http://www.cai-illinois.org/defending-unit-owner-lawsuits-community-associations-step-step-process/].
Airbnb brought in more than $500,000 in first quarter of Wisconsin tax deal, surpassing expectations.
Legislators in Wisconsin are attempting to cap the amount associations can charge for disclosure documents.
Adopting governance policies can be a very useful tool in ensuring that your Association is governed consistently and properly by its Board of Directors.
An increasing number of homeowners are renting out their properties on a short-term basis. While short-term leasing is not a new concept for homeowners, the increase is due, in part, to the popularity of home-sharing websites such as Airbnb, VRBO, and HomeAway, to name only a few. These websites offer a convenient method for homeowners to connect with out-of-town travelers in need of a place to stay for a night or several nights. Homeowners are able to earn extra income by offering their houses, units, apartments, or rooms for rent to paying guests, and travelers are provided with alternatives to hotel accommodations that are often cheaper than hotel stays.
Reserve Studies are budget planning and disclosure documents prepared to help the board meet their responsibility to care for the assets of the association. Many of the association’s common area components are so large that the association needs many years to prepare for those expenses financially. So what happens when Boards don’t update their Reserve Study for years, and instead make decisions based on outdated information?
What about cutting costs?http://gogladly.com/blog/wp-content/uploads/2016/09/HOA-cutting-cost.jpg[http://gogladly.com/blog/wp-content/uploads/2016/09/HOA-cutting-cost.jpg]
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