Q. Our small condo board is working together to find the best solutions for the financial future of our building during this time. Obviously, due to COVID- 19, we may be experiencing delinquencies in assessment payments.
We are looking for good recommendations in order to stay ahead as best we can. Do you have any recommendations?
A. We have been hearing from a few clients who are concerned about payment of assessments by owners who may be experiencing unemployment due to COVID-19. Unemployment applications in Illinois have surged dramatically, and it's inevitable that condominium association are going to feel the effects. We are offering the following recommendations to keep your association financially healthy during this time.
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