Lawmakers are a step closer to further regulating Homeowners’ Associations in North Carolina.
An N.C. House Committee came up with recommendations to cut down on conflicts between HOAs and homeowners.
>>> Read the full draft bill here .
Action 9′s Jason Stoogenke broke down the suggestions into four main points.
1. REQUESTING RECORDS
If a homeowner requests records from the HOA, the board must provide them within 30 days. This excludes financial records more than three years old.
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2. RAISING ASSESSMENTS
If an HOA is working on a budget and wants to raise assessments by more than 10 percent, they must gain approval from a majority of homeowners — not just a majority of the board.
If the budget passes and the HOA wants to raise assessments by more than 5 percent, the same applies.
3. WHEN TO SUE
Homeowners and HOAs must try mediation before taking legal action.
4. WHEN TO FORECLOSE
If a homeowner owes the HOA money, the board can get a lien on a property and start foreclosure proceedings ONLY if all of the following are true: