By Ashley Nichols, CAI-RMC Editorial Committee Chair
The recent Marshall fire that ravaged Boulder County destroyed nearly 1,000 homes. In the face of the most destructive fire in Colorado history, many of those affected are now dealing with what to do in the aftermath. Rebuilding their homes (and their lives after loss) takes a community. It also isn’t something that will, or can, happen overnight. One of the questions that we are already facing is that of what happens to assessments for those owners in affected community associations that lost their homes, or where common area amenities were destroyed. And it’s a tough one – but it is important to remember that owners’ assessments go to pay for common expenses of an association, which continue even during the rebuilding process.
Associations are non-profit corporations with Boards that have a fiduciary duty to protect, preserve, and enhance the property values in the community. Part of the duty is to ensure that the governing documents for the Association are followed, and in the case where disaster affects a community, such as with the Marshall fire, while it may be hard to see right now through the tragedy, continuing to ensure that assessments are paid will help communities rebuild.
While not the same type of tragedy, in 2020 (and ongoing) the COVID pandemic posed a similar question of how to deal with assessments for impacted owners due to something out of their control. Incomes of many homeowners in communities were likely significantly reduced and/or eliminated. And the best advice during that time remains the same here, for owners who lost homes and/or parts of their communities due to the fire – to be compassionate. Each community board will have to make difficult decisions based on the different circumstances of each of their owners, which means considering the hardships that their residents may be experiencing and be willing to work with residents to ensure that homeowners and their associations are both able to meet their needs to support their families and communities.
The Rocky Mountain Chapter of Community Association Institute is here to support our communities during this difficult time as well. Donations from business partners, management companies, and homeowner leaders totaling over $7,500 have been received and distributed to partners in order to help those affected by the fire. We will continue to use the resources that we can to help these communities rebuild, better and stronger.
