LOOP NORTH NEWS
Hancock HOA fields complaints about reserve fund, late fees
The article in the November 7, 2023 edition of Loop North News, penned by Steven Dahlman, delves into the persistent issues arising from the existing leadership of the HOA board at 175 East Delaware. The piece explores a current legal dispute and scrutinizes the controversial late fee policy.
Brought to you by Drew McManus, your neighbor in 7908.
Highlights…
“An accountant studying the finances of the condominium association at The John Hancock Center is accusing the association, its property management company, accounting firm, and a reserve fund consultant of ‘potential criminal activities’ involving its reserve study and other financial documents.”
“These fees are not only outrageously high, they’ve been designed to intentionally force owners into falling into a trap where the association begins charging fees for even a single unpaid fee,” said unit owner Drew McManus. “If an owner contests the fee, they end up with another fee the next month if it still isn’t paid.”
Curious to learn more about some of these issues? Feel free to get in touch, I’m happy to chat.