I wanted to take some time this week to talk about how to handle neighbor disputes in our communities. Our homeowners associations can no longer ignore these situations. When neighbors are having a dispute with each other, often times community managers will direct them to settle it among themselves or involve a mediator if necessary. However, in some cases, the association may be able to take action.
Nevada Revised Statutes 116.3115 (2b) states that associations shall establish adequate reserves to be funded on a reasonable basis. This section of the law also states that associations may establish a funding plan that is designated to allocate the costs for the repair, replacement and restorations of the major components of the common elements over a period of years. The funding plan must be financially sound and must ensure that sufficient money is available when the repairs, replacements and restorations are necessary.
Editor’s note: This column first appeared in the Community Interests, a publication for Community Associations Institute, Nevada chapter.
Unless your CCRs has a section that allows higher monthly association fees on owners who violate regulations, you would not be able to increase the investors a higher fee.
