MaryS54 (Pennsylvania)
Posts: 1
Posts: 1
Posted:
If a special assessment was levied and was collected from each owner according to his square footage, percentage, can those funds in the capital reserve account be used toward limited common expenses? The Association has determined that a project is necessary which involves limited common elements. Instead of assessing each owner who benefits (in this case essentially a direct charge to the owner who is going to be "billed"), the pla is to use finds that are already in the cap reserve account and apply them toward what each owner would owe under the different calculation being assessed individually. Is this possible? In my state, limited common expense funds are to be segregated. I am inferring from that that one can't just do some accounting magic and move common expense funds over.