Dear Hermitage Meadows Homeowners,
The HOA Board of Directors is proposing an amendment to the HOA’s Declaration. A copy of the proposed amendment is attached for your review. This amendment would implement a maximum rental ratio of forty-five (45%) percent. Limiting the number of rentals within the community to forty-five (45%) percent would effectively keep a majority of the townhomes occupied by resident-owners. The Board believes that this is a necessary measure to protect property values within the community.
Please note that the leasing rights of current homeowners would NOT be affected by this amendment. Current homeowners have a vested right to rent their property on a long-term basis indefinitely.
If/when the rental ratio meets forty-five (45%) percent, a rental waitlist would be created. At that time, new (not existing) homeowners wishing to rent their townhomes in the future would need to get on the rental waitlist and wait until a position becomes available. One (1) homeowner would then come off the rental waitlist each time an investor-owned townhome sells. If there are homeowners on the rental waitlist, investor-owners would not be able to purchase townhomes within the community and lease them immediately.
At least 75% of the entire homeownership must vote in favor of the proposed amendment for it to pass. Please complete and return the attached ballot as soon as possible but no later than October 31, 2024.
If you have any questions, please email HermitageMeadowsHOA@gmail.com.
Thank you for your attention to this matter.
Sincerely,
Hermitage Meadows HOA Board of Directors,
