Homeowners' associations (HOAs) and condominium owners’ associations (COAs) are beneficial for maintaining property values as well as community standards. However, it is important that HOAs and COAs disclose maintenance responsibilities in order to encourage transparency.
For this reason, I plan to introduce legislation that would require HOAs and COAs to include full disclosure of infrastructure ownership and maintenance responsibilities for roads, culverts, storm water facilities, public safety lighting and inspection fees. Failure to provide disclosure would result in penalties for HOAs and COAs, including $5000 for a first violation; $10,000 for a second violation; and $15,000 for a third and subsequent violation.
This legislation would protect buyers from unknowingly assuming substantial long-term liabilities. Please join me in co-sponsoring this important legislation.