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The Community Associations Institute (CAI) is an organization that represents homeowners, condominiums, and other community associations around the world. Based in Falls Church , Virginia in the United States , the CAI has more than 60 chapters of condominium and homeowner associations [ 1 ] [ 2 ] [ 3 ] with over 45,000 members worldwide. [ 4 ]
Homeowners spent an average of $2,458 on maintenance and $1,667 on unexpected repairs in 2023, per SoFi. To prepare for these expenses, Kamel recommended establishing a maintenance sinking fund.
Today some 63 million Americans live in homeowners associations, up from 2.1 million in 1970. Four out of five buyers of new homes, including condominiums, end up in such communities.
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents.
Some neighborhood associations in the United States are incorporated, may be recognized by the Internal Revenue Service as 501(c)(4) nonprofit organization, and may enjoy freedom from taxation from their home state. [1] The term neighborhood association is sometimes incorrectly used instead of homeowners association. But neighborhood ...
Maryland House Bill 107, also known as HB107, is a Maryland state law passed in 2022 that mandates that condominiums, housing associations, cooperatives, and homeowner associations complete a reserve study by October 1, 2023. [1]
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Birkhead Place in Toledo, Ohio, a private community of homeowners, the grounds of which can be seen here in 1907. A private community is a residential community that can be an association or a proprietary organization. Associations can include condominiums, homeowner associations or cooperatives. [1]