Are HOAs required to have healthy reserves?
Q: My homeowners association (HOA) was created more than 10 years ago and we just discovered at a recent budget workshop that there are minimal reserves. It is clear that we will need special assessments to replace the perimeter wall and other various improvements because there will not be enough reserve money to pay for the replacements. I thought HOAs had to maintain healthy reserves. Am I wrong? Read the Q&A………….