Reserve Funds
The Homeowners Association sets aside funds to cover the anticipated costs for the replacement of or significant repairs to the major common area components that the association is obligated to maintain. These reserve funds are not used for regular upkeep of common areas; such maintenance is paid in the ordinary course of business in accordance with the association’s established operating budgets.
The common area components that Bel-Aire Estates Homeowners Association is legally obligated to maintain and replace include:
- The brick fence and retaining wall along the north side of Quincy Avenue
- The landscaping (grass, rocks, trees, shrubs, etc.) around the fence
- The monuments at the north and south entrances to our neighborhood
- The irrigation and lighting systems
The Homeowners Association establishes and manages its reserve funds in accordance with the association’s Reserve Study that projects the reserve contributions needed to repair and replace common area components throughout their expected useful lives.