Partner Randy Opotowsky, who has represented developers of a number of the major condominium projects in the New Orleans area, was recently interviewed for a series of articles by HOALeader.com, a resource for HOA and condo board members nationwide that covers laws, rules, insurance, finances, reserves, dues, liens and other condominium association management issues.
In the article, “Off-the-Book Reserve Use: What Are the Limits on Employing Your HOA’s Reserve Funds?,” Mr. Opotowsky helps to answer questions raised by one HOA that reported in a blog post that it made a “temporary transfer” of reserve funds for litigation. Is that permissible? Also, how do you know when your condo or homeowners association must repay its reserve funds for an expense? Are there time limits on how quickly it must be repaid?