Housing Improvement Area (HIA)

Unfortunately, a number of associations fall behind in maintaining the exterior of the property. The thought is always well intentioned. But a couple of years become several, and several becomes “I can’t remember when.” And the association members finds themselves between the proverbial rock and a hard place.

What are your options?

  • You can try to special assess everyone a large sum of money that can be difficult for owners to come up with.
  • You can get a bank loan and burden the Association with a substantial monthly loan payment.

There is a third option, one that could be the solution you need.

Housing Improvement Area (HIA)

An HIA is a funding source homeowner associations often can use to pay for large repair projects such as new siding, roofs, and asphalt. In many cases City funds can be used to complete what are often long-delayed and necessary repairs. An HIA is similar to a bank loan; the debt is repaid over a long period of time, and thus, more manageable to budget. But the difference is that the City collects homeowner’s share of the debt as a surcharge on their property tax statement. If an owner were to renege in their payment, it is a matter dealt with between the taxing authority and that owner. It never is a burden to the other owners at the property.

New Concepts has worked with numerous associations in establishing a successful HIA. Not only that, New Concepts has been instrumental in working with municipalities in getting an HIA established where there was no HIA program to begin with.

Give us a call and let’s see if this is an option for you and your homeowner association.