GOVERNOR PERRY SIGNS SIGNIFICANT HOA REFORM INTO LAW

TCAA WORKS WITH GOVERNOR AND TEXAS LEGISLATURE TO HELP HOA MEMBERS EARN BETTER CONSUMER PROTECTIONS AND GREATER TRANSPARENCY

 

Austin, Texas – Texas Community Association Advocates (TCAA) today praised Governor Rick Perry (R) Texas and the 82nd Legislature for showing its strong commitment to improving the operations of homeowners’ associations. Legislators supported and the Governor has signed several bills which will increase consumer protections, provide greater transparency in open meetings and open records, increase board accountability to homeowners, broaden the expansion of voting rights and improve the ability of homeowners to install solar panels and other energy efficient devices.

“TCAA thanks Governor Perry for signing several new laws that will provide additional protections to consumers and ensure there is greater transparency in how homeowner associations are governed,” said Sandy Denton, Chair of the TCAA. “We are pleased to have worked with Governor Perry, State Senator Royce West, members of the legislature and other stakeholders to pass legislation that is fair and balanced and will assist the nearly five million homeowners living in associations to preserve, protect and enhance their property values.“

TCAA supported HB 2761 which will become law on January 1, 2012. The law will provide greater transparency for open records and open meetings including: setting a minimum standard for record retention and providing meaningful consequences to a HOA that denies access to records. Notice of regular and special board meetings must be posted and must be open to homeowners. Also, any votes on levying fines, increasing assessments or levying special assessments may not occur during executive session and must occur during meetings where homeowners may be present.

“This new legislation will protect consumers and preserve the property values of the community,” said Sandy Denton, Chair of the TCAA. “Although actual foreclosures are a last resort and are extremely rare (only 1/12 of one percent), TCAA supported HB 1228 which will become law on January 1, 2012. The new law will give consumers a judicial review before a foreclosure. We believe these measures will further reduce the number of foreclosures and help consumers.”

“Most homeowners buy in an HOA because they want to preserve their property values,” said Marta Gore, a homeowner in McKinney. “The overwhelming majority of people pay their mortgage on time and pay their assessments on time. We should not have to pay the bills for those who do not live up to their obligations and pay their fair share to the community. We believe the legislation passed by the legislature strikes a perfect balance to ensure everyone is protected and home values are preserved,” said Gore.

There are nearly five million people living in the 25,000-30,000 community associations in the state of Texas. These associations generate assessment revenues of approximately $3.2 billion dollars annually and employ thousands of workers through various service providers across the state. Thousands of volunteer board members across the state dedicate their time to working with their neighbors for the benefit of their communities.

Texas Community Association Advocates (TCAA) is an organization with stakeholders who are involved in community associations, including homeowners and board members. TCAA will be holding media availabilities in several cities to talk about the passage of significant HOA reform this legislative session. TCAA Chair Sandy Denton will be available July 20 in Dallas, July 28 in Austin and August 17 in Houston.

For More information contact:
Sandy Denton, TCAA Chair
sandyd@clubsienna.com
www.txcommunityassociationadvocates.org