Covid-19-community-association-impact

Community Associations and COVID-19 | CAI’s Impact Survey Results

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.

employment-impact-hoa

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.

assessment-impact-hoa

budget-outlook-hoa

current-delinquency-hoa-assessment

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.

community-association-covid-19-responses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMS is here to help you navigate your way through these trying times. Contact us if we can help in some way.

Leave a Comment

Scroll to Top