Hostage to the HOA: How some developers keep a tight grip on owner associations
Teresa Troyer bought her three-bedroom townhome in a Central Florida subdivision five years ago, expecting homeowners to decide how their community is run. But she said it’s clear to her who’s in charge — the developer, not homeowners. Florida law mandates developers pass on control of residential associations — most visible in the ability to elect their boards of directors — to homeowners when developers sell the majority of planned homes. The reality at the Portofino Vista complex in St. Cloud is more complicated. About two decades ago, the developer planned 262 townhomes. Since then, it’s completed 57, leaving the […]This article originally appeared on The Real Deal. Click here to read the full story.
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