Guidance includes questions condo unit owners should ask about structural integrity, maintenance, and reserves.
Falls Church, Virginia, June 30, 2021 (GLOBE NEWSWIRE) -- Condominium association residents and volunteer board members around the world understandably have questions about the safety of their own communities and are wondering how to protect their buildings after the tragic collapse of Champlain Tower South in Surfside, Fla. Community Associations Institute (CAI), the leading international authority in community association education, governance, and management, is providing information and resources to help concerned residents and board members understand structural integrity, maintenance, and reserves.
Condominium residents should ask the community’s board members and community association manager the following questions:
Condominium owners also can take several steps to protect themselves and their investment:
Condominium association board members have a fiduciary duty to protect their community. There are several steps board members can take to ensure the community is safe:
“CAI is devastated by the tragedy in Surfside, Fla. Members of CAI lived in and worked at Champlain Tower South, and our entire membership is reeling,” says Thomas M. Skiba, CAE, CAI's chief executive officer. “We have been closely following the news coming out of Surfside, and we continue to have hope in the rescue efforts. The resources and information we share today can help communities take steps to prevent this type of disaster from ever occurring again.”
More than 73 million Americans live in community associations, also known as condominiums, housing cooperatives, and homeowners associations. Reserve study laws for condominiums vary by state.
Reserve studies or reserve schedules are required in California, Colorado, Delaware, Florida, Hawaii, Nevada, Oregon, Utah, Virginia, and Wisconsin. Washington state statutorily encourages associations to have a reserve study performed every three years unless doing so would impose an unreasonable hardship. In most states, there are several points at which homeowners are made aware of reserves, including:
CAI subject matter experts are available for interviews. Interested media should contact Amy Repke at firstname.lastname@example.org and (703) 624-2179.
About Community Associations Institute
Since 1973, Community Associations Institute (CAI) has been the leading provider of resources and information for homeowners, volunteer board leaders, professional managers, and business professionals in the more than 350,000 homeowners associations, condominiums, and housing cooperatives in the United States and millions of communities worldwide. With more than 42,000 members, CAI works in partnership with 36 legislative action committees and 63 affiliated chapters within the U.S., Canada, South Africa, and the United Arab Emirates as well as with housing leaders in several other countries, including Australia, Spain, and the United Kingdom. A global nonprofit 501(c)(6) organization, CAI is the foremost authority in community association management, governance, education, and advocacy. Our mission is to inspire professionalism, effective leadership, and responsible citizenship—ideals reflected in community associations that are preferred places to call home. Visit us at www.caionline.org, and follow us on Twitter and Facebook @CAISocial.
CONTACT: Amy Repke Community Associations Institute (703) 624-2179 email@example.com Dawn M. Bauman Community Associations Institute (703) 867-5588 firstname.lastname@example.org