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Contributor: American Community Management Inc. Transparency and planning is key to managing assessments.
The portion of your community’s total assessments you are responsible for paying is expressed in your governing documents. In coordination with your elected Board of Directors, your team at American Community Management believes in sound financial practices. Our planning starts as early as July so we are prepared to present a recommended budget to the Board (and ultimately prepare for your budget hearing). You should know what your association fees pay for. By attending your annual community board meetings, you will get a better understanding of how the annual budget is built and why assessments are important. The board will explain to members the assessment details, and also when and why assessments may increase on occasion. Common expenses include: Utilities (like water, electricity, gas, and the like) Insurance Maintenance needs Contracted services HOA management fees Reserve fund contributions While most costs are contracted or recurring (generally fixed costs), some may be discretionary (variable) so planning is essential. Examples of contracted or recurring costs include the management of your community, insurance policies, landscaping, payroll, janitorial services, fire system monitoring, security, and utilities. Examples of discretionary costs may include property maintenance services/repairs, landscape enhancements, social activities and administrative expenses. ACM presents many value-added services such as the usual of our community portal which saves costs to your community as well as managing insurance claims, bidding services and vetting vendors for quality of work and cost effectiveness. Board and Management Company Responsibilities The Board is essentially responsible for overseeing (with the help of your management company) the collection of assessment from all owners and coordination and payment of the operation, maintenance, repair, and planning for capital replacement projects associated with all common areas in the community. Please know that this voluntary role is often very challenging but participation is necessary. Your home is your investment. Good management and sound decision making is what it takes to protect your investment. The Annual Budget The board adopts an annual budget which includes the costs of all ongoing maintenance and operational expenses, plus an additional amount set aside in a reserve fund. This amount is divided between each homeowner in the community, which is then paid periodically in the form of an association assessment. Assessment Increases Board members pay association assessments just like everyone else, and they are working to ensure funds are used correctly. Therefore, it is reasonable to assume that the board will not vote to increase assessments unless it has been well researched, planned, and deemed absolutely necessary. However, due to inflation, the association budget generally increases each year, which results in increased assessments. How Much Can Assessments Increase? In general, the association’s Covenants, Conditions & Restrictions (CC&Rs) contain limitations on how much the association can increase assessments. For instance, many associations limit assessment increases to 10% per year, or to a maximum dollar amount per year. Though the association can generally raise assessments as often as needed to meet the annual budget, there are always rules that must be followed and conditions that must be met. There are also exceptions to this rule in the event of safety. Unpaid Assessments The association relies on all members paying their assessments in full and on time to have enough money to fund the various projects and amenities that the association is responsible for. If even one member of the association doesn’t pay their dues, the budget falls short. If multiple members neglect their assessments, money may fall into such short supply it forces the association to levy special assessments or borrow from much-needed reserves to make up the difference, which is unfair to the majority of the members to have to make up for the neglect of a few members! Special Assessments Occasionally, urgent needs will arise that do not fall under the planned budget, which leaves the board no choice but to impose a special assessment. At ACM, our focus is to consider this as a last resort. Careful planning and savings can alleviate this need, notwithstanding an inevitable or unforeseen event. In this case, the HOA may vote to collect a special assessment from each owner to fund the expense. The levying of special assessments is generally regulated by the HOA’s governing documents. The CC&Rs will dictate when and how special assessments are implemented. Attend your Annual Budget Hearing. In the state of Maryland, it is a requirement that a proposed budget be presented to the council of unit owners annually. Although the Board votes to adopt the budget, your voice is important. By: dhcd.maryland.gov Maryland Homeowner Assistance Fund Program Overview
The Maryland Homeowner Assistance Fund was established by the American Rescue Plan Act enacted on March 11, 2021, to help homeowners experiencing financial hardship after January 21, 2020. The Maryland Department of Housing and Community Development will receive $248 million through this program over three years to assist homeowners struggling with their mortgage payments or other housing costs due to the COVID-19 pandemic. The Maryland Homeowner Assistance Fund will leverage and be supplementary to the loss mitigation tools that will be deployed by mortgage servicers. The program will create a long-term sustainable and affordable mortgage as opposed to short-term assistance without a clear outcome. They also will support mortgage relief, weatherization, housing counseling, and legal services. The fund offers two types of financial assistance: The Maryland Homeowner Assistance Fund Grant (HAF Grant) and the Maryland Homeowner Assistance Fund Loan (HAF Loan). For additional eligibility requirements, including income limits, see Maryland Homeowner Assistance Fund Factsheet. For more information, see Program Overview. https://dhcd.maryland.gov/Residents/Pages/HomeownerAssistanceFund.aspx https://dhcd.maryland.gov/Residents/Pages/HomeownerAssistanceFund/ProgramOverview.aspx By: Simplifyingthemarket.com Financial benefits are always a key aspect of homeownership, but it’s also important to understand that the nonfinancial and personal benefits are why so many people genuinely fall in love with their homes. When you own your home, you likely feel a sense of emotional attachment because of the comfort it provides, but also because it’s a space that’s truly yours.
Over the past two years, we’ve learned to love our homes even more as we’ve stayed home more than ever due to the ongoing pandemic. As a result, the personal and emotional benefits our homes provide have become even more important to us. As the most recent State of the American Homeowner from Unison puts it: “Despite the upheaval and uncertainty of the past year, one thing has stayed the same: the home continues to be of the utmost importance and a place of security and comfort.” When the health crisis began, the world around us changed almost overnight, and our homes were redefined. Our needs shifted, and our shelters became a place that protected us on a whole new level. The same study from Unison notes:
Written by: Kristin Stoller, Forbes Staff For Anderson Hunt (A.H.) Brown, frustration was a powerful factor that inspired much of his success.
The frustration and pain of losing three wives to childbirth in his segregated hometown of Charleston, West Virginia inspired him to fight for adequate medical care for Black citizens. That push led to the opening of the Community Hospital in 1924, the city’s first state-of-the-art hospital for Black residents. Brown’s frustration with a lack of affordable housing for Black families inspired him to build a real estate empire based on filling that need. His frustration with discrimination, meanwhile, fueled a lifelong fight to desegregate Charleston and create opportunities for Black residents to thrive... READ MORE A Safe Home for the HolidaysBy American Lifestyle Magazine The holiday season can be a busy time... READ MORE
By: American Community Management Inc.Caring for a home is hard work. That’s why homeowners’ associations, condo associations and other community associations accept some of the responsibilities that most homeowners and tenants just don’t have time to complete. With a community association on your side, your home will be cared for, protected and your property values can even increase.
Here are four benefits to HOAs and other community associations. They help manage conflicts among community members. Conflicts among neighbors are easier to resolve in neighborhoods governed by community associations. In fact, many common disputes are likely to be covered in the association's rules. Barking dogs, overgrown trees or house parties are all topics included in an association's bylaws, meaning they’re likely to have a solution to your dispute. They take many maintenance responsibilities off your hands. People living in a community governed by an association are charged fees to pay for the upkeep of the community. If your neighborhood has a shared pool or grilling and picnic areas, your fees pay for its maintenance. With many community associations, you can enjoy the fun of these amenities without worrying about maintaining them on your own. They ensure your community is clean and well maintained. If you maintain your home well, it can feel especially frustrating to be neighbors with someone who doesn’t. Rules and regulations exist for this reason. Community members who don’t follow the rules are provided with a warning and grace period to address the issue at hand – like mowing the lawn. Through an association, your neighbors are held accountable for maintaining an attractive community. They protect and increase your property value. Together, all these benefits contribute to one valuable payout – increased property values. A well-maintained community isn’t just pretty to look at, it’s also a strong investment in your future. Overgrown grass, abandoned vehicles or strange paint colors are regulated to maintain the community's appeal and provide greater value if you decide to sell your home. Every community association is different, with unique perks and responsibilities affecting homeowners and tenants. ACM’s staff members are knowledgeable and ready to answer your questions. Don’t be afraid to ask questions to learn how ACM and its staff can help you love the community you live in. |
AuthorAmerican Community Management. Archives
November 2023
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