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7 T H E H OA S O F TO D AY According to the 2022-2023 National and State Statistic Review for Community Association Data, 75.5 million Americans live in some form of a community association, a nearly 3,500% increase from 1970, when data was first recorded. There are 365,000 communities nationwide, holding 28.2 million housing units. Whether it's a condo unit or single-family home, HOA housing is found within three standard types of associations: • Planned communities: Individuals own their unit and the land it sits on. The association owns common areas, such as pools, parks, and roads. Other names for planned communities include owner association, townhouse association, property owners' association (POA), and planned unit development (PUD). • Condominiums: Individuals own their unit and a percentage of all shared property, such as lobbies, pools, and fitness centers. In most condominium communities, the association doesn't own any real estate. • Cooperatives: All members share ownership of both the units and shared spaces. Instead of purchasing a home or unit, owners buy a stock or membership certificate to become part of the cooperative. This stock or membership gives the holder rights to a lease or occupancy for a given unit. Regardless of the type, each association is governed by a board of directors that enacts and enforces rules. Each community has governing documents that detail how the HOA operates, and board members have a fiduciary duty to work in the best interest of their association. 7 6 5 4 8 9 3 2

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