At our HOA quarterly meeting last night, some residents had questions about some of the benefits if we converted to a Property Owners Association (POA). Here is a copy of the mailing sent last month.
Here are some benefits if we convert from an HOA to a POA:
Original Declaration of Covenants, Conditions and Restrictions for Cameron Glen was recorded on November 22, 1995.
This amendment updates these originals
Section 4.02. ASSESSMENTS
d. The Board shall provide the budget to the Owners at least 30 days before the due date of such assessment or the first installment thereof.
Currently only 20 days notice prior to annual meeting. Budget included in annual meeting notice.
Section 4.02. ASSESSMENTS
g. The Capital Contribution Assessment shall be in an amount up to the annual assessment on the Lot in effect at the time of the closing when the Capital Contribution Assessment is due as determined by the Board. (This is the one time fee you paid when you bought your home.)
Currently, can only charge $400 fee
h. any Person who acquires a Lot at a foreclosure sale of the mortgage on such Lot, or by deed in lieu of foreclosure, will be required to pay the Association a Foreclosure Administrative Fee in an amount up to the annual assessment at the time the foreclosure deed or deed in lieu of foreclosure is recorded in the Cobb County, Georgia records.
The Foreclosure Administrative Fee shall constitute a specific assessment against such Lot, a continuing lien against such Lot, and a personal obligation of the Owner of such Lot.
The Foreclosure Administration Fee is in addition to the Capital Contribution Assessment referenced in Section 2(g) above.
Additional fee may be charged for foreclosures sales
Section 9.02. Amendment
Except where a higher vote is required for action under any other provisions of this Declaration, the Bylaws or by the Act, this Declaration may be amended with the approval of Owners holding 66-2/3% of the total eligible Association vote via ballot, written consent, at a meeting or via electronic means.
Lower threshold (66 2/3%) for approving changes as opposed to the current 75%
12.05. Notices.
a) Method of Giving Notices.
We will be able to use email for official notifications. (Saving over $300 every year in mailing costs for the Annual Meeting and any other notifications that must now be sent by USPS.)
Answers to some other questions that have been posed:
There will be no additional fees to cover common areas. The Annual Assessment covers these areas. The only additional fees could be a Special Assessment in the event of a catastrophic event. (This Board has maintained a healthy balance in the Reserve Fund, so that is VERY unlikely.)
The ACC rules currently in place will continue to be used to regulate rentals and owners’ properties.
If you have a specific question, please send an email to president@cghoa.site