Despite names, condos operate the same
We have never lived in association type housing, but recently moved into a large complex of condominiums and detached homes. We have been told that our association is a POA but we can find no reference to POAs in the Florida statutes, only to HOA (homeowners associations). What is the difference between a POA and an HOA? Do Florida statutes treat both the same? Can POA/HOA assess proportionately for lawn replacement/maintenance since lot sizes vary considerably? Does the liability exposure of a POA/HOA differ from those of a condominium owners association with respect to foreclosures or other exposures?
We know of condo associations dealing with multiple foreclosures costing thousands of dollars. Should POAs and COAs have a reserve fund for this, and can you provide a rule of thumb for determining the fund’s cap?