I live in a planned, mixed use community in an affordable home. Last year my monthly HOA fees increased by 200% due to hail damage in the community.
My question is: Why is there not any regulation on capping HOA fees for affordable homeowners? My HOA dues exceed the cost of my utilities and are almost 50% of my mortgage payment. They are increasing again in January. A planned community in Colorado caps HOA fees for affordable home buyers. Why is that not mandatory in other cities. I cannot seem to find any information anywhere on even a conversation about keeping HOA fees affordable.
Texas law allows homeowners associations to raise HOA fees provided they are able to justify the increase. Since the increase is going toward repairing hail damage in the community, the increase seems reasonable. That being said, make sure your HOA’s governing documents allow such an increase as well.
State legislators are responsible for crafting and enacting laws concerning homeowners associations. As such, it is normal for one city to have a state law about HOA fees that does not exist in another state.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.