Page 4 - New England Condominium April 2020

4 NEW ENGLAND CONDOMINIUM -APRIL 2020 NEWENGLANDCONDO.COM ■ Depth of Knowledge & Experience ■ Expert Advice ■ Creative Approaches & Solutions ■ Flexible Billing Arrangements Thomas Bhisitkul (781) 817-4611 tbhisitkul@lawmtm.com Christopher S. Malloy (781) 817-4604 cmalloy@lawmtm.com Douglas A. Troyer (781) 817-4605 dtroyer@lawmtm.com Thomas O. Moriarty (781) 817-4603 tmoriarty@lawmtm.com (781) 817-4900 30 B RAINTREE H ILL O FFICE P ARK , S UITE 205 B RAINTREE , MA 02184 (617) 934-4550 265 F RANKLIN S TREET , S UITE 1801 B OSTON , MA 02110 www.lawmtm.com MTM is a full-service Condominium & Real Estate Law Firm Experience, Integrity, & Drive Set Us Apart Uncommon Expertise for your Community of Common Interests BOARD OPERATIONS The Community Associations Institute (CAI), a global nonprofit provider of re- sources and information for homeowners, explained why continuing to collect assess- volunteer board leaders, professional man- agers, and business professionals, released sociation’s ability to pay its bills, provide cleaned and maintained, and they are still late fees and penalties for owners who a Statement of Foreclosure Moratorium to essential services, and acquire financing for owned by the association.” address financial hardship arising out of the continued operations. Failing to maintain COVID-19 pandemic. In the statement, released on March 31, a potential purchaser to obtain a mortgage. CAI urged boards of condominiums, hous- ing cooperatives, and homeowners associa- tions to suspend all foreclosure actions for day, we’re witnessing condominiums and munity associations regarding COVID-19, the community association. 60 days — at least until June 1. It also rec- ommended waiving penalties and late fees areas—including clubhouses, gyms, play- for this period, but emphasized the impor- tance of full and timely payments by mem- bers who are able to make them, to ensure who may not be familiar with the finan- the general solvency and operations of the cial model of the community association cial hardship should be encouraged to ap- association. Dawn M. Bauman, CAI’s senior vice cility with a gym membership and wonder president of government and public affairs, why they need to continue to pay if it isn’t a moratorium on foreclosures for a period ments and other fees is essential to an as- this income also may impact the ability of ment follow. To read the statement in full, In remarks to Yahoo! Finance regarding covid19foreclosures. To read more about non-foreclosure collection policies that are CAI’s statement, Bauman said that “To- homeowners associations closing common visit www.caionline.org/coronavirus. grounds, pools, and more—to comply with ments on time, the owner should notify ests. government regulations. Some residents their community association to work out a may compare the association’s exercise fa- open or available for use. Despite common of 60 days (or until at least June 1, 2020). area closures, these facilities still need to be The six principles proposed in the state- go to https://www.caionline.org/Pages/ CAI’s resources for homeowners and com- 1. If an owner is unable to pay assess- payment plan. Homeowners with a finan- ply for government assistance, if available. 2. Community associations should adopt 3. Community associations should waive face temporary financial hardships due to COVID-19. 4. Community associations should amend, temporarily relax, or follow existing fair and applied equally to all members of 5. Community associations should con- tinue to record liens to protect their inter- 6. Community associations should em- phasize the importance of owners paying their assessments on time, if possible. n Collecting Common Charges During Crisis CAI Offers Guidance for Boards BY DARCEY GERSTEIN