Local Gov. Options. Condo Collapse Ordinances 2.0

What’s happening? If cities determined that oversight for condo buildings needs to move from condo associations to local governments the options include special assessment districts.

Why is this important? What can a special assessment district do?

•  levy a special charge on properties
• the special charge can be for a designated district or a single building
• it can cover a wide variety of public improvements
• the district bills either by owner or based on ad valorem property values
• The city can take out bank loans or sell bonds, at lower tax-exempt interest rates, to finance the improvements that are secured by the liens on the properties, thereby lowering costs

How will this be important? Aging infrastructure is real.

Governing | A Municipal Finance Tool to Avert Another Deadly Condo Collapse