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An HOA or homeowner association is a corporation formed by a real estate developer for the purpose of marketing, managing, and selling of homes and lots in a residential subdivision. An HOA or homeowner association helps grant the developer privileged voting rights in governing the association, while allowing the developer to exit financial and legal responsibility of the organization, typically by transferring ownership of the association to the homeowners after selling off a predetermined number of lots. An HOA or homeowners association allows a civil municipality to increase its tax base, but without requiring it to provide equal services to all of its citizens. Home owner’s membership in the HOA or homeowners association by a residential buyer is typically a condition of purchase; a buyer isn’t given an option to reject it. Some HOAs or homeowner associations hire and retain property management companies. The board of directors is responsible for the retention of these companies.
Most HOAs or homeowner associations are incorporated, and are subject to state statutes that govern non-profit corporations and HOA or homeowner associations. State oversight of HOA or homeowner associations is minimal, and mainly takes the form of laws which are inconsistent from state to state. Some states, such as Florida, Georgia, North Carolina, South Carolina, Alabama, Louisiana, Mississippi and Texas or TX for short, have a large body of HOA or homeowner association law and some states, such as Massachusetts, have virtually no homeowner association law.
The fastest growing form of housing in the United States today is common-interest developments (CIDs), a category that includes planned-unit developments of single-family homes, condominiums, and cooperative apartments. Since 1964, homeowner associations have become increasingly common in the USA. The Community Associations Institute trade association estimated that HOAs or homeowner associations governed 24.8 million American homes and 62 million residents in 2010.
Permacast specializes in dealing with HOAs or homeowner associations when it comes to surrounding their property with a precast concrete fence wall that is durable, good looking, long lasting, and most importantly, affordable. Contact us today and let us get started providing you with a proposal for your HOA or homeowners association.