What is the Condominium Education Trust Fund (CETF) and Why Do I Have to Pay This?
Biennially, each association of apartment owners or condominium project with six or more apartments (7 or more if created before May 29, 1963) are required to pay the DCCA (Department Of Commerce And Consumer Affairs) $4.00 per apartment into the CETF.
The Commission administers this fund for educational purposes. Educational purposes include: education and research in condominium management, condominium registration, and real estate for the benefit of the public and those required to be registered; the improvement and more efficient administration of condominium associations; and expeditious and inexpensive procedures for resolving condominium association disputes.
Failure to pay the required fee by the due date, results in a penalty assessment of ten percent of the amount due, and the AOUO does not have standing to bring any action to collect or to foreclose any lien for common expenses or other assessments in any court of this State until the due amount and penalties are paid.