Monthly Archives: March 2020

Company News

Union Hall in the News

Union Hall in the news

 

Company News

COVID-19 Resources for Small and Medium-sized Businesses

Guides to Applying for the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act:

 

 

SBA Resources for Counseling and Training

You can apply for the Paycheck Protection Program at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration lending program and additional lenders approved by the Department of Treasury.

There are thousands of banks and credit unions that already participate in the SBA’s lending programs. You do not have to visit any government institution to apply for the program, you can call your bank or find SBA-approved lenders in your area through SBA’s online Lender Match tool. Your local Small Business Development Center, SCORE or Women’s Business Centers (below) can provide free assistance and guide you to lenders. When you call, tell them you are interested in the “Paycheck Protection Program” and they will guide you through the steps for applying for the program.

The application process should be open by Friday, April 3, 2020.

State and Local Government Coronavirus-related information

North Carolina

Local Resources

 

Advice for Homeownership Associations

  • In response to the unprecedented number of calls received by Jordan Price association attorneys asking about legal implications of cancelling or postponing meetings or suspending amenities or community services, their attorneys have collectively put together these Recommendations for Communities.

 

 

 

Company News

Practical Management in the Age of COVID-19

By  now, most have read the best practices for hygiene, cleaning, and limiting exposure to COVID-19 through remote working where possible and urging ill employees to stay home.

York’s Property Management team has been in contact with the Institute of Real Estate Management (IREM) and the North Carolina Department of Health and Human Services (DHHS) to formulate a common-sense approach to COVID-19.  If, on the off chance, your business has had contact with an active, confirmed COVID-19 case, please follow the protocol below.

  1. Inform the North Carolina Department for Health and Human Services at 919-856-7044 who will help track down others exposed to the sick person.
  2. Inform your property manager who can notify tenants and building service providers.
  3. Undertake a deep cleaning of your space.  Your York Property Managers will do the same for common areas and can provide recommendations for janitorial services if needed.

Concerned you may be sick?  Please read here for information on where to get tested.

Our objectives are to help you:

  • Minimize the impact on your customers, owners, and investors.
  • Maintain business operations.
  • Be your calm and controlled adviser.

 

Don’t hesitate to contact us.

Market Insights

Top 5 Considerations When Drafting a new HOA Budget

With a booming housing market, York’s Association Management team has been busy advising developers on drafting strong, realistic HOA budgets.

You might notice that there are actually 6 takeaways below.  No one says “top 6” though….so we went with 5 and you can consider that last one a bonus!

  • Get Multiple Vendor Estimates. Increasing labor and material costs mean higher prices for everything from landscaping to pressure washing, maintenance and more.  Make sure to get several estimates and carefully consider the level of service your development will need.  Working with a management company like York can allow you to save on items such as insurance or waste removal by using their bulk purchasing discounts.
  • Set the Assessment to Cover Operating Expenses: It’s very common for new developments to set the assessment at a low rate with the developer funding expense shortfalls while building is ongoing. While the low rate is attractive to new buyers, it will eventually mean a large increase in the operating budget. As you can imagine, increased assessments mean unhappy homeowners, particularly if the increase is substantially higher than the original amount listed in the initial public offering.
  • Fund the Reserve Account:  Funding the Reserve Account for future expenses in the first and future budgets helps buyers recognize that the association is in good financial standing. We recommend a minimum reserve fund transfer annually equal 10% of the projected assessments, thereby protecting you and the homeowners from underfunded future capital expenses.
  • Don’t defer Maintenance. Don’t try to keep your homeowner fees low by deferring maintenance.  We recommend routine maintenance inspections are scheduled for your roofs, gutters, common area mechanical systems, lighting, fencing, parking and building exteriors.   In fact, most warranties require some type of inspection to keep the warranty validate.
  • Expect the unexpected. Even though your development will be new, unforeseen issues will arise. Try to anticipate what might need attention within the first years.  In our experience, new developments generally have issues arise around landscaping and pond maintenance Weather related issues that do not warrant an insurance claim can also add up.
  • Engage an association attorney to review your documents and budgets. Association Management attorneys are worth every penny to ensure you don’t overlook any items specific to your development.