Hawaii First Community Association Management

Hawaii condominium law requires an annual budget, including a reserve study. This mandated requirement is becoming more important to owners and government agencies such as Fannie Mae, Freddie Mac, HUD, and FHA – agencies that represent the major part of the mortgage market, including owner refinancing. Hawaii First employs qualified reserve experts who assist in the preparation of your reserve study. Recently, Hawaii First enhanced its professional reserve study software to provide annual reports to owners on the amount of their contribution allocated to capital reserves. These contributions may be used to adjust your basis at the time of sale, reducing your gain for tax purposes. Please note that there is a difference between capital and maintenance reserves. The full amount of your payment to the reserve fund cannot be used for this purpose.

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