Resolution by Board to deny FHA application – 2/6/18

FHA Approval Request: The board had received a request from one homeowner asking us to apply for FHA approval in order that they may apply for a reverse mortgage. After research and discussion it was determined that the expense would be too great, plus we would need to apply every 2 years. Motion by Tom and seconded by Linda. Request for FHA approval by this board is denied due to estimated cost and lack of demand and benefit to the HOA at this time. Carried 5 to 0 with one abstention (Chris Chandler).