08/24/2017
Dear Homeowners of Boone Trace:
Our job as board members of the Boone Trace HOA is to continually work to preserve, maintain and improve the quality of life for our homeowners. We are entrusted with the protection of our homeowners’ investments, and take pride in our community. Recently, we discussed a review of the restrictions – which have never been updated or revised, and met with an attorney for input on two possible amendments: 1) restrictions on renting of property and, 2) prohibiting short term rentals (also known as Airbnb, etc.).
For discussion:
Rental: Currently, the HOA restrictions do not prohibit an Owner (whether it is a person(s) or any type of entity) from renting/leasing the home to a third party. A large concentration of tenants will significantly change the nature of the community and could potentially lower the market price and affect the ability of Owners to refinance. Absentee Owners (especially investment owners), are more likely not as vested in the community. Grandfathering. The Board would select the date (for example – any transfers on or after October 1, 2017). The restriction would state that any current Owners who were leasing their home on that date could continue to lease their home without regard to any limitations in the provision. When the Owner sells (or conveys it to another person or entity), the new Owner would be required to comply with the rental restrictions. Waiver: The Board may grant a waiver of the rental restriction for a particular hardship if the enforcement of the rental restriction would result in an extreme financial or personal hardship to the Owner (loss of job, illness, relocation to a nursing home, etc.). The Board would adopt a written policy which establishes guidelines as to when the Board may consider a waiver, and when such a waiver would not be appropriate. Since granting a waiver would be in the sole discretion of the Board, conditions can be imposed (a certain amount of time, for example).
Short Term Rentals: Short-term rentals or subleases of the home/property of any kind, type, nature, term, or duration, and any advertising of short-term rentals or subleases of the home/property of any kind, type, nature, term, or duration, would be prohibited. This prohibition would include but is not limited to short-term rentals or subleases, or any advertising of short-term rentals or subleases, using services such as Airbnb, VRBO, Home Away, Flip Key, couchsurfing, or any other short-term rental company.
Please review carefully and advise us on your approval, concerns, yes, no, questions, by responding to this post us at no later than 8-30- 2017. We welcome your input! The Board is prepared to move forward on the formal procedure if we find the majority of community is in favor of amending the restrictions.