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11/18/2024 9:36:38 PM
 
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Section 5: OPA Board Subject: What Happened to No Comment? Msg# 1215486
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Why are you asking me? You already said you were familiar with the law.
Marty, the reserve study in OPA’s office was done before the law was passed. A new study will be required in a year or so. The issue facing all HOAs is what percentage of overall value will be required under the new study. Look it up on the internet and you will find some reserve study companies are suggesting 100% funding. OPA is currently at around 28%. Even a 10% increase for OPA would be a substantial increase in reserves. Why don’t you just call the GM, the guy you said you had absolute faith in, and ask him to explain it to you. He understands all this very well. |
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For reference, the above message is a reply to a message where: Joe: The Maryland law, 11-109.4, “requires the HOA to fund reserves based on the recommendations of the reserve study.” OK, let me ask you, what is that dollar amount? This isn’t rocket science. There is a reserve study in the OPA office that identifies that recommendation. Why don’t we know that amount? Marty |
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