The Aspen/Pitkin County Housing Authority is interested in learning more about the health and financial viability of Homeowners’ Associations under its umbrella.
The APCHA board unanimously approved a contract with consulting firm RD3 for $166,894 to compile, analyze, and plan corrective action for HOAs operating in multifamily housing developments with a majority of deed-restricted housing.
Liz Axberg, a housing analyst with APCHA, said up to 40 HOAs will be eligible for the program.
“Not all HOAs have done capital reserve studies, or it’s been a while,” she said.
The cost per HOA is $3,937.50-$5,810.50 for the study, depending on the year of construction, the size of the HOA, and the date of the last capital reserve study. APCHA will cover the cost of the work. The money comes from APCHA’s coffers — the APCHA 632 Development Fund.
Opting-in is free and voluntary for HOAs and does not require that the properties update their deed restriction to APCHA’s most current, preferred language — as the essential home repairs pilot program requires. The final cost of the project will depend on the number of participants.
If an HOA wants to add a “Level II Energy Audit” to their study, they can do so with their funding with facilitation assistance from APCHA.
Axberg and APCHA Executive Director Matthew Gillen said that the longevity of HOA financial health and creating a plan to maintain it is the most important phase of RD3’s work.
“I don’t see this in any way allowing APCHA to come back to an HOA and forcing an HOA to do anything,” said Carson Schmitz, chairman of the APCHA board.
Aspen City Council will need to approve the contract at their Tuesday, Jan. 23 meeting, then RD3 can begin its work. Axberg estimated that on-site assessments will begin in April and with the project completed by the end of August.
APCHA is working on hiring an HOA liaison position. Gillen said language for the job posting is still being finalized, but once hired the new employee will take on much of the HOA-related work, including the capital reserves study.
RD3 was the only respondent to APCHA’s Request For Proposals from September 2023, but Axberg called their bid “perfectly acceptable.”
APCHA last ordered a study of HOA capital reserves in 2011, including only 29 HOAs. Axberg said there are about 80 HOAs in the county that have at least one deed-restricted property.
“If we get more than 40 (interested HOAs), I’d be more than happy to come back and ask for more money,” said Cindy Christensen, the Deputy Director of Housing, Operations & Property Management.
By: Josie Taris | The Aspen Times I January 23, 2024