There has been a lot of confusion surrounding the neighborhood Homeowners Association (HOA) in recent years. Do we need an HOA? How much does this cost? What does the HOA do? Many answers can be found in the neighborhood Covenants and Restrictions or the Bylaws, but others we had to track down.
Here’s what we know:
What is a Homeowners Association?
It’s officially a not-for-profit organization made up of everyone who purchases a lot or home in the neighborhood. If you’re reading this, you’re it!
Do we need an association?
Yes, we are required to form an association per the neighborhood Covenants and Restrictions and Bylaws by the end of the development period so that there is a governing board to handle the neighborhood business. (see below)
What does an HOA do?
Listed in Article II, Section 1 of the Bylaws, the main tasks of the HOA are to manage and maintain the common spaces of the neighborhood (the entries, primarily), to review construction plans for compliance with the Covenants and Restrictions, and to pay for any common expenses or fees shared by the neighborhood.
What fees?
There is not much to pay for in Lakeshore Woods. We are legally required to hold a liability insurance policy for the “easements and parks”, which is basically the entries of the neighborhood. We are also responsible for costs relating to those areas, such as the electricity for entry lighting and irrigation system, and the water used for irrigation.
I’ve asked for a specific list of costs from the current developers who manage these expenses. I would guess that it is a very small figure that will be divided among all the neighbors, and I will update this post when I have specific numbers.
Who manages this stuff?
Right now, everything is managed by “the Developer” (Little Pigeon, L.L.C., and Pigeon Creek, L.L.C.) until they transfer the powers of association to the residents. After that happens, an HOA Board of Directors of three or more neighbors will manage orders of business.
When does the developer transfer power to the association?
Since we are very near the end of the Development Period, talks have begun to determine when the association should be formed. Of those who expressed interest, Brad North and Steve Post met with Sandi Gentry on June 21 at the Re/Max offices as a preliminary discussion to gather some information. The developers had expressed that they intend to transfer duties to the association at the end of the development period.
But since a handful of neighbors have expressed interest in forming the association sooner, Sandi is confirming with the developers if they are interested in getting the process started sooner than later. Subscribe to this blog category in your account notifications page if you would like to receive an email for all news relating to the association. News will also be posted on our private Lakeshore Woods West Olive Facebook group.
Who gets to be on the Board of Directors?
We need three neighbors to form the Board of Directors, and Article 5, Section 1 of the Bylaws says that the developers will select the initial board. If you would like to be considered for the association leadership, start by reviewing our Covenants and Restrictions and Bylaws to acquaint yourself. Then, contact Steve Post to be notified when the association is formed.
So, there you go. Do you have questions that weren’t addressed here? Leave a comment below.
