Understanding Cooperatives or Co-Op Communities

Cooperative housing communities, or co-ops, share resemblances with condominiums, homeowner (HOA), and townhome community associations. They all have similar goals, including managing common areas, preserving the community’s financial health, enforcing rules, and maintaining the property on behalf of the residents. However, cooperatives also present distinct differences in terms of ownership structure … Read More ›

Effective collaboration and communication with your professional team is vital for the smooth administration of a condominium, homeowner (HOA), or townhome community association. From day-to-day management to long-term strategic planning, board members must work with a variety of professionals to maintain the community’s property, finances, and legal compliance.

Below are several key roles within your association’s … Read More ›

The Corporate Transparency Act (CTA) is a new federal law that mandates that certain businesses disclose ownership information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). The primary goals of the CTA are to increase business transparency and accountability in an effort to prevent illegal financial activities such as fraud, money … Read More ›

Illinois House Bill 0220 (HB0220) is a legislative proposal that amends both the Common Interest Community Association Act and the Condominium Property Act. The bill specifically requires that:

Any Illinois condominium, homeowner (HOA), or townhome community association
With major shared components or significant infrastructure
Which has had a reserve study conducted on or after January 1, 2020
Must have … Read More ›