Workers removed debris and added rock fill along the bank at Riverside Condominiums on Aug. 8, 2023. nearly sent a condo building on Riverside Drive into the Mendenhall River.
Money collected from residents for routine maintenance like trash pickup or the occasional paint job became a disaster relief fund instead. There was enough money to stabilize the precarious Building D, but that was just a fraction of the necessary repair work. Building D needs a new foundation, and the erosion left three more buildings vulnerable to future floods.The state disaster declaration freed up some recovery money — up to $20,500 per homeowner.
That’s because Alaska state law requires that homeowner’s associations share responsibility for “common elements.” In this case, all of the Riverside Condo buildings count as a common element, and all 51 homeowners in nine HOA condo buildings are on the hook for repair costs, even though most of the buildings were untouched by the flood.
She said that without those donations, she’d have to take out a loan. And that’s what many residents in the undamaged buildings are doing. A local lender, True North Federal Credit Union, offered loans with below-market interest rates for up to 20 residents. Dittrich says most of those loans have been claimed.recently became available. Unlike aid from FEMA, homeowner’s associations are eligible. But Dittrich said that option came too late.