HOA NFP vs . . . LLC . . . something else?

Executive Summary:
-- Any compelling reason to set up an HOA as anything other than a not-for-profit corporation?

Details:
-- state = MA
-- developer filed CCR w/ registry of deeds in Feb 2005
-- subdivision has 6 houses + 1 unsold lot
-- finally met & elected officers for HOA in July 2007
-- some homeowners were opposed to officially creating the HOA (even though the CCR were filed, and the subdivision's detention basin and cul-de-sac center call for common maintenance that would be realistically infeasible w/o HOA), but eventually a consensus emerged that an HOA was desirable
-- since July 2007, elected President has not yet taken any steps to officially create the HOA as a legal entity (asserting that electing officers brought it into existence)
-- since July 2007, elected Treasurer has not yet set up a bank account (given banks' apparent reluctance to open an account for an entity that does not exist)

thanks in advance for any feedback!

Thanks, that certainly makes sense to me.
Another related question: now a household has brought up the idea of being a non-incorporated association. How can this be feasible? That is, how could we open a bank account? (Other than it just being an individual account that is set aside exclusively for HOA use.) And in a worst-case scenario, how could a non-incorporated association have any legal standing in enforcing the CCR (attached for the curious)?