HOA with more than $1 million dollars on hand in checking accounts, CDs, saving accounts and cash, and total assets at more than $2.2 million dollars! That is what one media outlet reported on recently.
The funds were as a result of what is reported as “predatory” behavior, such as aggressive code violation enforcement and penalties, along with foreclosure.
As a result, Denver has taken steps to enact various reforms. Additionally the State Legislature is looking into similar reforms.
For more information, please click on the following links.
Denver lawmakers tackle HOA foreclosure practices
Denver committee approves bill requiring HOAs to notify homeowners of foreclosure rights