Question:
My HOA in Raleigh, NC is required by DEQ to implement erosion control measures around one of its lakes (which also serves as runoff area to prevent flooding). This will require replacing areas of dirt and scraggly grass with grasses that are better suited for the area. This project area (approximately an acre) would constitute a major required landscape overhaul for my community. Can reserve funds be used to finance the replacement portions (mostly decorative grasses) of this project? Thank you.
– Scott
Answer:
Hi Scott,
It depends on your governing documents. Your CC&Rs and bylaws should tell you how you can use your HOA’s reserve funds. If your documents are silent, then it is up to the board to make a decision on whether to use the reserves or levy a special assessment to cover the cost.
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