HOA Enterprises, LLC

PROJECT PURPOSE

The objective of the HOA Member Protection Fund (MPF) is to help members of a homeowner?s association who have been financially affected by Covid-19 and fallen behind on their assessment dues. The fund will provide an opportunity to apply for financial assistance which, if approved, will return the member to good standing with the neighborhood covenants and the association board. The project will be managed by at least four MPF directors familiar with homeowners association Covenants, Conditions and Restrictions as it pertains to assessment dues, fines, and consequences.

EVIDENCE

None

POPULATION DESCRIPTION

While there has been a successful government effort to prevent American citizens from mortgage foreclosures, nothing has been done to assist homeowners from becoming homeless because of delinquent homeowner association assessments. Homeowner Associations typically operate on a very lean budget. Nearly all association governing documents prevent an association board of directors from discounting or dismissing assessment dues. The operating expenses necessary to run an association come from the annual assessments. When a member of an association falls behind on their assessments, additional fees, penalties, and possibly even liens can be placed on the owner?s property. If the homeowner has been impacted by the global pandemic, and is financially destitute, they can be facing foreclosure by their homeowners association. This situation is emotionally and mentally damaging to homeowners, detrimental to neighborhoods, and could negatively impact communities throughout Oklahoma.

PERFORMANCE MEASURING

Project performance will be based on the number of homeowners who receive assistance and the interaction they have with one of the directors and the association board.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

One-time project will not need continued funding