Developer Services
Developers of common interest communities are well represented among CRC’s client base.
Reserve Studies
Developers who conduct a reserve study before turning over control of the homeowner association to the owners are laying the groundwork for good governance and responsible stewardship of the community.
The reserve study is also a form of disclosure that establishes in clear terms the amount of maintenance, repair and replacement spending that should be expected to properly maintain the common elements within the community.
By conducting a reserve study and passing it on to the owners the developer is setting an example of how a homeowner association should be operated.
Maintenance Plans
The state of Oregon requires all homeowner associations that are required to conduct a reserve study to also prepare preventive maintenance plan for the common elements which are the responsibility of the Association to maintain.
Developers must prepare a maintenance plan that coincides with the time-frame covered by the reserve study. If CRC is engaged to prepare the initial reserve study on behalf of a developer we will include the maintenance plan in the package of services that includes the reserve study, maintenance pan and budget proforma.
Operating Budget Proforma
The operating budget pro forma is a theoretical budget based on assumptions regarding the operating expenses that will be incurred to finance the day-to-day operation of the homeowner association. “Pro forma” is a Latin term that means according to form or as a matter of form.
The pro forma budgeting process does not have the benefit of knowing what the historical costs of operating the Association have been since there is no operating history to look back on.
Due to our extensive database of financial information for more than 1,000 condominiums and planned communities CRC is uniquely qualified to evaluate your project and assist with developing the budget pro forma based on the operating history of similar communities.
If you are a developer of a common interest community, CRC can assist you with the preparation of the documents required in Oregon for your OREA filing.
To learn more please contact our offices or use the Request a Proposal link to request a proposal.