The first action item on most owners’ meeting agendas is approving the minutes of the last owners’ meeting. Let’s say that -- as usual -- you have an ambitious agenda, with many action items and a limited time in which to get through them all. But when the secretary moves to approve last year’s...
Q: A member of our homeowners’ association believes he does not have to follow our subdivision’s covenants, conditions and restrictions (or CCRs). He filled in the natural depression of the drainage ditch in his back yard to level the area. He then built a catch basin at his property line where the natural water flow would normally have gradually drained onto the adjacent lot, and installed drain tile trenches that all empty into a catch basin.
Now during heavy rains, his neighbor has rapids over 4 feet wide and sometimes over a foot deep eroding away his yard.
This week’s tip offers a reminder that being on an HOA board imposes on you a fiduciary duty to make tough decisions and not favor your friends. If you breach those duties, your HOA could pay dearly.
FHA Condo Loan Approval: New Glitches Arise
In this week’s tip, we provide answers to an HOAleader.com reader’s question.
Our reader writes, “We have been notified that we must apply for FHA approval to provide reverse mortgages for our homeowners. We’ve had FHA approval since 1978. However, we must now begin the process all over. Our master deed contains a ‘right of first refusal’ covenant, which, according to our lender, FHA won’t approve. Has anyone encountered this problem and, other than amending the master deed, come up with a solution?”