Financial woes for homeowners associations

A recent survey of Florida homeowners associations found them feeling beleaguered and discouraged.

More than 90 percent of the 777 associations surveyed by the Community Association Leadership Lobby say they expect their financial troubles will continue or deepen in 2010.

About 60 percent of survey respondents increased assessments to cover budget shortfalls caused by delinquent owners. And about 66 percent of respondents say there has been an increase in the number of property owners who are more than 60 days late paying fees and assessments.

The results of this survey are likely to support calls for legislation that would allow associations to collect more late fees from investor-owned properties and collect payments directly from tenants renting properties.

Source: Orlando Sentinel, Mary Shanklin (11/23/2009)

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