COVID-19 Impact on the SOA?

As governmental and health agency “talk” continues about extending the COVID-19 “Stay at Home” policy, what effect could this have on the Somersett Owners Association’s (SOA) income? This as the result of job loss by residents, or senior citizens who rely on 401K savings? Has the Association made any contingency plans in this event? What relief can the Board extend to residents who may fall into this category?

To make up any SOA income shortfalls  –  What 2020 projects can be cancelled? What SOA operations could be curtailed? Are reserves available for operating expense use in this event? Good questions that hopefully will not need addressing in the final analysis, but should be planned for.

However, to address these and other COVID-19 HOA issues, a California Community Association Law Firm, Adams/Sterling, has published several newsletters, which, for the interested, can be accessed via the following links:

More COVID-19 Questions –  March 18
Coronavirus Virtual Meetings.docx  –  March 19
HOA Operations are Essential  –  March 21

What impact will the COVID-19 pandemic have on job losses nationwide? A blog post on the Economic Policy Institute (EPI) website provides estimates on a state by state basis in the following publication:

EPI Posting on Coronavirus Job Losses

Note per their website: “ EPI is an independent, nonprofit think tank that researches the impact of economic trends and policies on working people in the United States. EPI’s research helps policymakers, opinion leaders, advocates, journalists, and the public understand the bread-and-butter issues affecting ordinary Americans”.

SU does not make any claims as to the accuracy of EPI’s postings.