Can a Florida Hoa Borrow Money

The answer is yes, unless your CC&Rs directly state otherwise. Every state has different regulating laws but in Florida your condo BOD can borrow funds with Board approval alone – that means without voter consent.

Can an association borrow money?

HOA loans and lines of credit allow your association to fund a variety of projects and expenses, from common area improvements to maintenance and repairs. Many HOAs, CIDs and PUDs use loans or lines of credit as alternatives to a special assessment for unexpected expenses.

Can HOA borrow from reserves in Florida?

Florida statute provides a slim window of opportunity for associations to borrow from reserves if certain notice requirements and supermajority votes of memberships are met. “Strictly from a numbers standpoint, the board needs to look at whether it can pull the vote off in a reasonable amount of time,” says Worrall.