Is it time to maintain or fully replace? Which components take priority? How do you save money for your HOA homeowners properly? We’ll give you a handful of real-life examples so you can see how our experts would handle even the most expensive projects!
As an HOA board member, you’re tasked with a monumental responsibility: ensuring the financial health and physical well-being of your community. One of the most critical aspects of this role is effective reserve funding. Underfunded reserves can lead to financial crises, unexpected special assessments, and a decline in property values.
Association Reserves founder Robert Nordlund, PE, RS expresses how reserve funding legislation is only one part of the solution to chronic underfunding, deferred maintenance, and long-term community risk.
A successful HOA reserve funding plan balances the need for long-term financial stability with the realities of today’s budget constraints. By aligning future project costs with adequate contributions, associations can avoid special assessments and maintain property values.
We are happy to report that Fannie Mae has created a new online tool to help associations become aware of their “Fannie Mae” eligibility status. Being “Fannie Mae Qualified” is important, as it allows individual consumers to get the most attractive mortgage terms (rates).
How do you know if your reserve fund is enough? Are you prepared for major repairs? Today we’ll give your HOA board the tools you need to assess your HOA reserve fund strength and make informed decisions.
