The Aspen Pitkin County Housing Authority is reaching out to the program's homeowners associations to see how healthy their rainy day funds are.
Many of APCHA’s deed restricted properties have their own homeowners’ associations governing the complex. Some have a healthy balance held in capital reserve - funds that can be spent on group needs like new roofs. Some associations, though, don’t have the money for these big ticket items, and their homes are suffering because of it.
Through a survey sent out to all homeowners' associations, APCHA is working to learn more about each group's savings, as well as the systems for collecting money for the capital reserves. Some groups require all residents to pay an equal monthly fee into the reserves; some split it up by square footage or bedroom count.
APCHA will use the data to assess the deed restriction program’s capacity for paying for upgrades and emergencies. While the survey is voluntary, any HOA that opts out will not be eligible for future financial assistance from APCHA to help with the capital reserves.