With all the growing costs for Florida community associations attributed to rising insurance premiums and the looming deadlines for new requirements for milestone inspections and structural integrity reserves, many boards of directors are now or soon will be considering one of the most dreaded measures by unit owners: a special assessment. It is no surprise that these additional association assessments, typically used to cover unanticipated or nonrecurring expenses such as repairs, will almost always attract the largest turnouts to board meetings.

Many communities are now in the planning stages for major repair/renovation projects, and special assessments to fund these efforts are going to become a necessity for those that lack adequate reserves or access to lines of credit. In fact, many enclaves requiring extensive work may need to consider both a special assessment combined with lender financing, which typically begins as a line of credit during the construction phase that converts to a fixed-term loan upon completion of the line of credit period.