Assessment paid by only one shareholder

Is it possible for a coop to levy an assessment for repairs to a shareholder’s unit, and then to charge that shareholder only a monthly basis to repay that assessment, so that all shareholders are not responsible for the repairs to that one unit?  I’ve never heard of this situation, but someone recently suggested it as a possibility.

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in Co-Op Related 13 years and 6 months ago

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bkmatthew | 13 years and 6 months ago

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You would need to check the governing documents. In a co-op the shareholders technically rent an apartment from the coop which is the landlord, and responsible for all the usual things landlords are responsible for. The governing documents spell out who is responsible for what and who pays. I think it would be unusual to levy an assessment against one shareholder, but you need to check the docs.

daveinbedstuy | 13 years and 6 months ago

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It’s certainly a logical way to do it.  i would think that it needs to be spelled out in the by-laws.  Typically the coop is not responsible for repairs inside a unit so that’s the bizarre part.