CAI-NJ October 2020

According to the report, 77% per- cent of new housing built for sale is in a community association—with homeowners contributing $27.4 billion to association reserve funds for the repair, replacement, and enhancement of common property (e.g., swimming pools, elevators, and resurfacing streets). • Expanding affordable hous- ing. There has been a consistent effort to increase the percentage of homeowners in the U.S., and since the 1960s, condominiums have tended to serve as lower-cost entry housing, especially for first- time homebuyers. Condominium communities account for 35–40% of the reported total of community associations. CONT I NU E S ON PAGE 32

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