Homeowner association

A homeowner association (HOA) is an American real estate term. It is a corporation formed by a real estate developer to market, manage, and sell homes and lots in a residential place.

Later, after a neighborhood is settled, the term may describe a group of home owners which set rules for the neighborhood. The purpose of a home-owners association is to improve the neighborhood's image. The members of a home-owner's association hope that, by improving the image, the values of their homes will rise. If the rules are violated by home-owners, the home-owners association can force them to pay money. If they refuse, the home-owner's association can take away their houses.

The fastest growing form of housing in the United States today is common-interest development (CID), a category that includes various housing types.[1] Since 1964, HOAs have become increasingly common in the United States. HOAs governed 24.8 million American homes and 62 million residents by 2010.[2]

References

  1. ↑ McKenzie, Evan (1994). Privatopia: Homeowner Associations and the Rise of Residential Private Governments. Yale University Press. pp. 7. ISBN 0-300-06638-4.
  2. ↑ "Industry Data – National Statistics". Community Associations Institute. Archived from the original on 2011-11-01. Retrieved 2016-05-14.