increase in regular monthly assessments may be a feasible way to make loan payments. For larger loans, the board could adopt a special assessment allowing each owner to either pay up front or participate in the loan program. In either case, board or homeowner approval(s) necessary to implement the desired repayment structure must be considered. Moreover, the board should carefully plan and communicate the repayment options with the owners, who will rightfully want to know: (1) how much their individual repayment portions will be on a monthly basis, and (2) when the payments will begin. Subsequently, just as the board must plan the financing for the association, individuals (especially those on a fixed-income) will also have to plan their own financing accordingly in order to keep up with their payments.


While a loan may not be the best solution for every situation, it can provide financial relief to an association with unexpected expenses in order to get the necessary work done with the lowest burden to homeowners. If your association determines that borrowing money is the right solution for your community, now may be the time to get a great rate on a loan or refinance.


Transform your property


into a smart community. The future of connected living is here.


   


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 


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Turn lights on  anywhere


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Comprehensive Lawn Maintenance


  


Discover the ultimate connected living experience. Visit xfinity.com/xfinitycommunities.


Superior Snow Removal Services


Tree Care & Aboricultural Services


Turf & Plant Health Care


Restrictions apply. Not available in all areas. Features and ability to control connected devices may vary. Connected devices and installation of connected devices not included. NPA228874-0005


Aquatics & Fountain Service


137221_NPA228874-0005 Smart Communities ad 3.625x4.875.indd 1 5/1/20 5:08 PM


For company information or inquiries, please call 888.231.1300


Visit us online - acresgroup.com


www.cai-illinois.org • 847.301.7505 | 11


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