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Working with Industry Professionals Can Help Make It Easier for Community Associations to Pay for Large Capital-Improvement Repairs
NCB ConsumerFeature
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IF YOU'RE A HOME-OWNER, AND BELONG TO A COMMUNITY ASSOCIATION, PAYING FOR THE LARGE CAPITAL-IMPROVEMENT REPAIRS TO THE OVERALL PROPERTY CAN BE A CHALLENGE. HOWEVER, WORKING WITH PROFESSIONALS IN THE INDUSTRY CAN MAKE THAT PROCESS GO A LOT EASIER. ACCORDING TO WASHINGTON, D-C-BASED N-C-B, WHEN MAKING THE DECISION TO COMPLETE CAPITAL-IMPROVEMENT PROJECTS, THE FIRST--AND OFTEN MOST-IMPORTANT--TASK IS DECIDING HOW TO PAY FOR THESE EXPENSIVE PROJECTS. TYPICAL OPTIONS INCLUDE: SPECIAL ASSESSMENTS, AND DEPLETING RESERVES. ONE FUNDING ALTERNATIVE THAT COMMUNITY ASSOCIATIONS CAN USE IS CUSTOM-TAILORED LOANS THAT BOTH ARE DESIGNED FOR THE NEEDS OF COMMUNITY ASSOCIATIONS, AND MINIMIZE INCREASES TO MEMBER ASSESSMENTS. ASSOCIATIONS CAN THEN MAINTAIN HEALTHY CASH RESERVES FOR OTHER EMERGENCIES. PAYBACK OPTIONS CAN THEN EXTEND OVER A LONG PERIOD OF TIME--SO THAT IT IS AFFORDABLE FOR THE MEMBERS. TO LEARN MORE ABOUT LENDING TO COMMUNITY ASSOCIATIONS, VISIT W-W-W-DOT-"N-C-B"-DOT-COM.
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