What is a homeowners' association (HOA)?

A homeowners' association (HOA) is primarily defined as an organization that enforces rules and manages shared amenities within a community. This organization is commonly found in residential developments, such as condos, townhouses, or planned communities, where residents pay dues for the maintenance of common areas and enforcement of community guidelines.

The HOA is responsible for ensuring that residents adhere to specific rules that help maintain property values and the overall aesthetic of the community. These rules can cover aspects such as landscaping, exterior modifications, parking regulations, and noise levels. In addition, the HOA often manages the maintenance of shared amenities like swimming pools, parks, gyms, or clubhouses, ensuring they are kept in good condition for all residents to enjoy.

The other options do not accurately reflect the role and function of a homeowners' association. While an HOA is involved in maintaining community standards, it does not negotiate property sales, govern property taxes, or provide financial assistance for homeowners. These areas fall under different functions and organizations altogether.