News & Announcements

Posted on: March 9, 2018

Aspen’s housing authority taking stock of homeowner association bank accounts

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The local housing authority plans to take a roll call of homeowners associations within the system to see if they comply with state laws and whether they are deficient in funding their capital reserve accounts before the government potentially bails them out.

That is the direction the Aspen-Pitkin County Housing Authority board gave to staff last month. It's a policy that is meant to help resolve HOA deferred maintenance and capital reserve funding problems among the 1,600 deed-restricted units that are individually owned. A 2012 assessment estimated a $15 million shortfall of capital reserves across the inventory, or roughly $9,000 a unit.

Last year, city of Aspen officials proposed giving each unit $10,000, either through loans or grants. The funds would go in the escrow accounts of homeowners associations and pay for capital improvements to common areas such as work on roofs, sidings and boilers, among others.

But before that happens, APCHA wants a better idea of how many HOAs are out there, and then assess their capital reserve funding levels so the agency can educate them about legal fiduciary responsibilities under state and local laws.

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