The Virginia Property Owners Association Act and the Condominium Act went into effect on October 1, 2019, and apply to all homeowners’ associations and condominium associations respectively. Although they went into effect in 2019, they retroactively apply to all community associations that have been established since 1959, for developments, and 1974 for condominiums and horizontal property regimes.
Homeowners Association’s Rights and Responsibilities
The primary purpose of an HOA is to provide maintenance to common areas and protect property values within a community. To raise funds to cover the cost of maintenance projects, the association has the power to collect regular assessments from homeowners following the annual budget. All assessments collected must be used for a service provided.