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By CondoAssociation.com • August 16, 2015

Georgia HOA considers rental cap to increase financial strength

Our HOA here in Georgia will be voting on a rental cap with the ability of the HOA leadership to approve hardship leasing over and beyond that. We are closing in on approximate 35% rental units. The community has been around since the mid 1960's and the bylaws are very strict and very empowering of the HOA. The challenge we have is we are in a deficit and can not get bank financing by most financial institutions. However, we have identified only one bank that will with a 50% rental cap. However due to our reserves not being a certain percentage of our annually collected dues we are disqualified to go that route. Now, we are in a prime area and an under priced community so investors are buying units as soon as they hit the market. There is a cap on how many one entity or person can own but prior HOA and management companies failed to monitor the process to know. My question is if the rental cap passes how do we as a board decline lease agreements because of the rental cap and the common person does not have cash to buy due to the inability to get bank financing?  Tucker, Georgia.

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