Leasing requirements and maximums are listed in the bylaws. They've been
neglected for a few reasons, past market conditions, past board oversight
and CMA hasn't been truthful. This does potentially impact financing Fanny
mae and Freddie mac won't finance and if things keep going in this
direction conventional loans may be in question.
On Apr 27, 2018 20:57, "WCBELTON" <wcbelton@xxxxxxxxx> wrote:
Does anyone have a copy of a contract that outlines exactly what CMA
currently provides and was supposed to provide in the past few years?
It’s my understanding that the number of rental units impacted our ability
to obtain a mortgage for a condo.
Wenona
On Apr 27, 2018, at 8:01 PM, NITA STEWART <nitaastewart@xxxxxxx> wrote:
agreed .
Get Outlook for Android <https://aka.ms/ghei36>
------------------------------
*From:* highland-discuss-bounce@xxxxxxxxxxxxx <highland-discuss-bounce@
freelists.org> on behalf of Marny Heit <marnyheit@xxxxxxxxx>
*Sent:* Friday, April 27, 2018 7:57:33 PM
*To:* highland-discuss@xxxxxxxxxxxxx
*Subject:* [highland-discuss] Re: Comprehensive Unit Leasing Program
Decision
I think having CMA run the program makes the most sense, but I’m very
surprised to hear that they haven’t been doing this the whole time. This is
literally the first I’ve heard that CMA does this only as an optional extra
paid service, and I was on the board for 3 years (where we talked about the
rental situation many times). Frankly, what they’ve told us in the past
about this topic now seems like they were being deceptive.
As for the fee, it should be paid by the owners who are renting out their
units, but not people on the waiting list who may spend years waiting to
move up the list.
*Marny Heit*
*675 Ponce de Leon Ave., NE
<https://maps.google.com/?q=675+Ponce+de+Leon+Ave.,+NE+%0D%0A+Suite+8500+%0D%0A+Atlanta,+Georgia+30308&entry=gmail&source=g>*
*Suite 8500
<https://maps.google.com/?q=675+Ponce+de+Leon+Ave.,+NE+%0D%0A+Suite+8500+%0D%0A+Atlanta,+Georgia+30308&entry=gmail&source=g>*
*Atlanta, Georgia 30308
<https://maps.google.com/?q=675+Ponce+de+Leon+Ave.,+NE+%0D%0A+Suite+8500+%0D%0A+Atlanta,+Georgia+30308&entry=gmail&source=g>*
*T: 404-313-4923*
*F: 404-393-7393*
*www.heitlaw.com
<https://nam01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.heitlaw.com&data=02%7C01%7C%7C67093c7fbcc748ccbdf608d5ac9aa95f%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636604702617156162&sdata=EZXjLwLiT%2Bq%2FlvoM6GJDA1bpdHt%2FCs1ASTV56KAm0Bk%3D&reserved=0>*
On Apr 27, 2018, at 3:33 PM, Alex Agle <alex@xxxxxxxxx> wrote:
Hi everyone,
The leasing of units in our neighborhood has become an issue at the top
of the Board's list. In an effort to better understand which units are
currently leased, Tiffany reached out to the community for volunteers.
I hope that you can assist her if you are able to do so. This effort
will go a long way in helping us to determine the true number of leased
units.
You may be wondering why our property management company, Community
Management Associates (CMA), and the Board don't have complete
information on which units are currently being leased. Our management
contract with CMA provides for limited leasing assistance. Most
notably, CMA keeps copies of leases submitted to them, and they send
fine letters to units that are discovered to be leased illegally. It is
currently up to the Board to run a comprehensive leasing program.
Frankly, we assumed that CMA was already doing this for us. CMA has
made us aware that they offer a comprehensive leasing program for an
annual fee per leased unit.
What is a comprehensive leasing program?
1. We would have clear leasing guidelines, rules, and regulations.
2. A clear point of contact for leasing questions/issues.
3. Accurate databases containing the following information:
A. Current leases and hardship leases
B. Tenant's names and contact information
C. Waiting list of homeowners requesting to lease their unit
4. Proactive collection and retention of lease agreements and permits
5. Monitoring of current leases to ensure:
A. Leases contain the necessary terms and conditions
B. Expired leases are addressed
6. Communication with homeowners on:
A. Waiting list status
B. Expired leases
7. CMA acts as leasing facilitator between homeowners and the Board
8. Proactive monitoring and investigation of homeowners who illegally
lease their units
- Internet is searched for rental ads, etc.
9. Monthly updates to the Board on leasing activity
I think we all know the significance of having a well run leasing
program:
1. If we have too many leased units, then potential buyers can't obtain
a mortgage. Sellers are then stuck owning units that they can't sell or
lease.
2. Homeowners generally take better care of their property. Having too
many rentals can put negative pressure on property values.
3. In general, tenants tend to violate the rules more often and are less
committed to the long-term success of the community.
At this point, the Board is faced with a business decision. We can
choose to institute our own comprehensive leasing program, or we can
engage a different department of CMA to implement it. While we
certainly have at least one or more qualified people on the Board to run
this program today, do we currently have the time to run the program
effectively now, and will it be sustainable in the future? All of us
have busy lives, and it takes commitment and dedication to keep a
program like this running for decades. At a bare minimum, it would take
8 to 16 hours a month for our HOA to manage the program, plus countless
hours to initiate the program. Some legal and IT expertise would be
involved. What happens if there is unexpected Board turnover, such as
what happened last year? On the flip side, if we engage CMA to run the
program, then it will cost leased units $150 per year as a user fee.
Only homeowners who want to lease or are currently leasing units would
pay the fee.
The Board is currently split 50/50 with one remaining vote to be cast.
We would like to hear the community's input.
Thanks,
Alex
--
Alex Agle
alex@xxxxxxxxx
C 404-229-3325
W 404-894-6165
