RT2 Ahwatukee
The financials in RT2 are more than concerning. This is an age-restricted community and the HOA has been less than transparent. I joined the finance committee out of deep concern. Once I was able to see the financials I realized they are worse than I thought. One example is a $500,000 roof loan taken out in 2015 with 7 more years to pay. The homeowners were never notified. I was told the HOA has the power to enter into that type of loan agreement is that true.
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Janet,
Generally, they do but everything is in the details. The specifics of your CC&R’s and Articles of incorporation would dictate how they can be processed and under what conditions. Some specifically prohibit taking on a loan based on future assessments so how the loan was structured is important. Doing this without informing the community is most troubling, how was it approved was it done in an open or closed meeting, if in closed session they had absolutely no authority to do that and in fact violated the open meeting laws.
Dennis