COVID-19 came in like a lightning rod and started closing down our country within the last few weeks. Nearly every state in the U.S. declared a state of emergency, state health departments are overwhelmed, and dozens of states and localities have instituted Stay at Home orders mandating people stay at home, work at home – in their communities, foreclosure moratorium and more.
It also meant community associations closing common areas; including club houses, gyms, playgrounds, and more to comply with CDC and government regulations and for the healthy and safety of residences.
But what happens when you temporarily close common areas? They still need to be cleaned and maintained and they are still owned by the association. Some residents who may not be familiar with the financial model of the community association may compare the community association work out facility with a gym membership and wonder why they need to continue to “pay" for the work out facility if it isn't open and available for use.
Here is a brief explanation of the financial model of a community association that may be helpful to share with residents, so they have a better understanding.
Click here to see both the Federal and State Foreclosure Actions in Response to COVID-19.