Form 9: Sample Capital Improvements Policies and Procedures


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Form 9: Sample Capital Improvements Policies and Procedures
Chapter 40B Homeownership Units

Capital Improvements Policies and Procedures

Dear Affordable Housing Homeowner:
Capital improvements must be approved by [Name of Monitoring Agent] in order to be considered for addition to the resale price of your home. The Comprehensive Permit Rules define capital improvements as “necessary maintenance improvements, not covered by a condominium or homeowner’s association that if not done would compromise the structural integrity of the property.
Acceptable Capital Improvements

  • New roof

  • Replacement of windows due to wear and tear or damage

  • The replacement of siding, shingles, or clapboard due to damage or wear and tear

  • Exterior painting due to deterioration

  • Heating or plumbing replacement

  • Structural deficiencies such as termite or other pest damage, water damage, or other maintenance as required

  • Septic tank replacement

  • Appliance replacement (stove, dishwasher, refrigerator)

  • Other improvements identified by the owner and approved by [Name of Monitoring Agent]. The cost of improvements such as the installation of outdoor decks, flooring (except in the case of replacement due to damage or long-terms ear) additions, garages, landscaping, and other items that could be defined as upgrades or luxury improvements cannot be added to the resale price when a property is sold.

If a condominium or homeowner’s association imposes a special assessment, we will take the cost to the homeowner into consideration on a case by case basis, and additional documentation may be required. If the homeowner is purchasing materials and completing the project on their own, only the cost of the materials will be taken into consideration. Please be advised that the time of resale we will take into consideration the current value of the improvement based on a standard depreciation schedule. For example, if a new heating system is installed for $5,000, and the owner sells the property ten years later, the full $5,000 will not be added to the resale price. To have a proposed capital improvement approved, please send a letter to [Name of Monitoring Agent] including a description of the work to be done; an estimate of the cost; and an explanation of why the work is a necessary capital improvement. If the request is approved, we will require a copy of the paid invoice after the completion of the work.

________________________________________________

Monitoring Agent


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