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KenW (Florida)
Posts: 2
Posted:
Great forum, I am trying to find hoa's that are not for profit and own a golf course that makes a profit. We are considering doing the same but do not know many of the answers to questions we have. ie. Can the hoa hire their own employees to manage a profitable operation for a not for profit organization or do we have to hire a separate management company to manage the golf course? If we have a cam company, can they manage the golf course for the hoa? Are there special provisions or requirements for financing such a takeover? Our idea is to assess all homeowners through a referendum to finance the majority of the purchase price then either use a financial institute or ask the present owner to hold the note. We understand that we will need the assistance of a qualified attorney, which is another question. Are there attorneys in Florida that specialize in helping hoa's? Thanks for any help!
RogerB (Colorado)
Posts: 5,067
Posted:
Ken, from your note I presume the HOA does not currently own the golf course nor is it part of the association. So the first question to ask your attorney is the procedures required in order to purchase it. Such as:
1. Do you need the approval of all owners including mortgage companies?
2. If not, can you legally enforce a special assessment of owners opposed for this purchase?
3. If the Board clears these hurdles then talk to financial institutions about financing.

The Board can hire whomever they chose, including members of the HOA. For the HOA to maintain their not for profit status they need only to maintain the non profit guidelines.

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