SANTA FE, N.M., Dec. 2, 2015 (GLOBE NEWSWIRE) -- Associa, the industry's leading community association management company, promoted the benefits of homeowners' associations and New Mexico's HOA Act during a hearing of the Interim Committee on Courts, Corrections and Justice on December 1 in Santa Fe.
According to Community Associations Institute, approximately 260,000 New Mexicans live in 160,000 homes in nearly 2,000 community associations across the state. These residents pay $300 million each year in dues that go toward maintenance of their communities and various services provided by their association. Most of these costs and services would otherwise fall to local governments.
"Many people don't realize or appreciate the positive impact HOAs have on local communities across the state or the fact that these associations are governed by nearly 9,000 elected volunteers serving their fellow residents," explained Associa's Vice President of Government Affairs John Krueger.
In 2013, the New Mexico legislature passed into law a statewide HOA Act governing the creation and functions of HOAs and requiring information and disclosures be provided to prospective homebuyers in communities governed by an HOA. According to Krueger, "This Act put in place important consumer safeguards to ensure that prospective buyers are fully informed about the property and community in which they are considering buying." Despite the Act's relative infancy, some are now proposing changes that would reduce these disclosures and place an arbitrary fee cap on the production of that information. Associa and other opponents of these changes argue that full disclosure is important for protecting buyers in, what for most is, the single largest investment of their lives. In addition, a government-imposed fee cap on a competitively priced service is unnecessary and could subject homeowners in HOA communities to a dues increase as associations try to make up the lost income at the residents' expense.
"With other more pressing challenges facing New Mexico legislators, I can't imagine they would waste their time on this 'solution in search of a problem,'" Krueger concluded.
Building and managing successful communities for more than 35 years, Associa is the worldwide leader in community management with over 9,000 employees operating more than 170 branch offices in the United States, Mexico, Canada, the United Arab Emirates and South Africa. Based in Dallas, Texas, our industry expertise, financial strength, and innovation meet the unique needs of clients across the world with customized services and solutions designed to help communities achieve their vision. To learn more about Associa and its charitable organization, Associa Cares, go to www.associaonline.com or www.associacares.com.
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