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Condominium Loans to Fund Capital Improvements And Repairs under the Condominium Act

  • By: Qing Angie Lin
  • Published: September 14, 2020

New York condominiums are statutorily governed by the Condominium Act, which was enacted in 1964. When the Condominium Act was originally enacted, Condominium boards were not specifically authorized to obtain loans on behalf of the condominium from financial institutions. As a result, when condominiums were in need of capital repairs, replacements and improvements, board members had limited options and relied…Read More