A homeowner’s association is a group designed to set and enforce regulations for the property and occupants of a subdivision, planned community, or condo complex. When you purchase a home or New York City Condos in an HOA’s jurisdiction, you are required to become a member and must pay dues, often known as HOA fees. Some groups have very severe rules concerning what members can and cannot do with their belongings.
What Things Does an HOA Cover?
A homeowner association is a nonprofit organization entrusted with overseeing multiparty real estate development operations, such as an apartment complex. HOAs for places such as 35 Hudson Yards are responsible for ensuring that the building is well-maintained. They must also consider whether to undertake major remodeling projects and create and enforce the rules.
HOAs charge their members’ monthly fees to finance their operations, which generally vary from $200 to $400 per month. They can also enforce the community’s regulations by levying penalties on residents who do not follow them.
Does an HOA Have Legal Powers?
Individual HOAs for New York City Condos will have varying amounts of legal authority depending on how they were created. HOAs will, in general, have the legal ability to establish and enforce community bylaws, such as whether smoking, pets, or rentals are permitted in the building.
HOAs will also oversee setting the building’s budget and will be able to levy monthly or one-time fees to their members. They can apply various sanctions if a member refuses to pay these fees or follow the community’s bylaws. These punishments might involve monetary fines, community privilege restrictions, and even legal action in many circumstances.
