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 and the association board. The fund will prevent members from facing additional HOA financial penalties, small claims court, and possible property liens which could result in a foreclosure, which would mean losing their home. This benefit is especially valuable to single parents, the elderly, veterans, and other who have been unfairly impacted by this pandemic.

EVIDENCE

None

POPULATION DESCRIPTION

While there has been some effort from mortgage companies to assist homeowners with their mortgage, nothing has been done to assist homeowners with assessment dues and penalties which could result in foreclosure. Homeowners associations typically operate on a slim budget. Legally, all members in an association are required to pay their assessment. The associations have the authority and ability to take action against a homeowner for delinquent payments. This project is designed to specifically help any member impacted from the pandemic where they are forced into a challenging financial circumstance from the pressure of their association. The vulnerable would likely include single parents, the elderly, veterans, disabled, and others who remain impacted by the pandemic.

PERFORMANCE MEASURING

Project performance will be based on the number of homeowners who receive assistance and how the MPF Directors are able to improve the relationship between the members and their association board. All payments will be monitored, verified, and recorded. Data collected will benefit the OK legislation for future HOA laws.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

One-time project will not need continued funding