Q: What kind of clause could be added to an HOA assessment regulating spending amounts on an assessment with 10 projects.
HOA assessment is based on estimates for 10 projects. They said numbers would change. Nothing regulates that the money collected must be spent in the amounts discribed in the estimates. Homeowners trust the HOA to spend money on every project but not in the amounts stated in the estimates. Example : out of 100k collected for the pool , 50k could be spent on sidewalks. instead of the $3000 estimated for sidewalks and the pool remodel would be 1/2 of what we expected when assessment was collected. How do we hold them to at least 85% of estimate to be spent on each line item?
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