Can the strata corporation use the Contingency Reserve to fund repairs? What options are available to fund the repairs?
According to the Condominium Act, monies in the Contingency Reserve Fund can be used for emergency repairs without approval from the owners. Beyond emergencies, owners must give their approval at a general meeting to use these funds. The strata corporation has two options for raising money: • the strata corporation can borrow money and collect additional amounts from owners each month to repay the loan • special assessments can be levied against each strata unit Either course of action requires approval by the owners at a general meeting of the strata corporation.
