We have a reserve study completed by a professional company that requires us to hold this much. For example, we are replacing two AC units for $50k total. Pool needs to be resurfaced for $100k. We have roof repairs that will need to be done eventually, gym equipment replacements, various beautification repairs, weir repair ($250k), fish guards/blockers, pond maintenance etc
Sure - I understand these roofing, HVAC and landscaping expenses are associated to the common amenities? So if you spin out the clubhouse into a country club that members can opt to join, you can allocate the clubhouse an appropriate amount of cash. When you negotiate with the county to take over management of the grounds including the pond, you can negotiate to give them some of the reserve money for the future pond fixes.
I understand it wouldn't be easy to change all these management responsibilities, but in principle everything the HOA does can be devolved to either voluntary associations, or to public authorities (as happens in most of the rest of the world). Unlike a condo association, it's not a completely unimaginable shift what this lawmaker is proposing.
Right agree and I think I have tried to articulate that here and below. Florida law says what to do when HOAs are dissolved. Point is it will be extremely messy to suddenly dissolve hundreds or thousands of HOAs. Windfall for the State too because the money by default needs to go somewhere and it won’t go back to the homeowners (which ones btw current or past, law doesn’t speak to it). So it goes to the State based on the sale of the land and properties.
I don’t think homeowners will be universally pleased with this.
