CAI-NJ October 2020

NATIONAL TRENDS... from page 26.

value of homes in community asso- ciations is nearly $7.2 trillion, and roughly $96 billion in assessments is collected annually from homeowners to fund essential maintenance. Since its inception, this exclusive report by the Foundation has been sourced by community association stakehold- ers — homeowners, board members, and management professionals as well as attorneys, accountants, developers, mortgage lenders, federal agencies, and public officials—all who work with the Foundation and CAI to build better communities. The report details top reasons for the growth of community associations: • The value of collective man- agement. Americans largely have accepted the collective management structure of community association living, where association boards are composed of democratically elected homeowners who voluntarily serve their communities. The research shows there are 2.4 million commu- nity association board and commit- tee members in the U.S. performing 86.7 million hours of volunteer ser- vice annually. • Privatizing public functions. With many local municipalities fac- ing fiscal challenges, communi- ties often are developed with the stipulation that the builder create an association that will assume many responsibilities that tradition- ally belonged to local and state government (e.g., road mainte- nance, snow and trash remov- al, and stormwater management).

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