The Community Associations Institute (CAI) recently conducted a survey which asked community associations how they are being impacted by the Coronavirus (COVID-19). Below are the highlights. You can read the entire report here.
1. Economic & Housing Forecast
- Unemployment is expected to be 6% by the 4th quarter of 2021.
- Mortgage loans in forbearance grew from 0.25% to 2.66%.
- 5% of professionally-managed apartment households made a full or partial rent payment by April 26.
2. Employment Impact
90% said their level of community management employment hasn’t been impacted due to COVID-19.
3. Assessment Impact
- 8% said their association hasn’t experienced an increase in homeowner requests for assessment payment plans or forbearance.
- 5% of associations haven’t taken any actions to reduce expenses.
- 92% of assessments were current in February, and 91% were current as of May 4.
4. Member Pulse – Steps the Community Has Taken:
- 79% of communities closed common areas and amenities.
- 79% postponed nonessential meetings and events.
- 68% are holding board meetings digitally.
- 68% encouraged social distancing.
- 65% informed residents with updates from the community and government officials.
- 63% employed extensive cleaning.
- 27% installed hand santizers and wipes.
- 27% paused residents’ nonessential construction projects.
- 18% waived late fees on assessments.
- 18% paused rules enforcement.
- 13% prohibited guests from entering.
- 6% waived fines for noncompliance.
- 13% other.
AMS is here to help you navigate your way through these trying times. Contact us if we can help in some way.