FOR IMMEDIATE RELEASE
For more information please contact:
Matthew Gillen, APCHA Executive Director
Phone: (970) 319-0530
Email: Matthew.gillen@aspen.gov
Carolyn Sackariason, Communications Co-manager
Phone: (970) 319-2791
Email: Carolyn.sackariason@aspen.gov
Free capital reserve studies available for APCHA condo units
Aspen-Pitkin County Housing Authority hires RD3 for comprehensive HOA capital reserve studies
Aspen, CO – The Aspen-Pitkin County Housing Authority (APCHA) is excited to announce a new initiative aimed at supporting homeowners’ associations (HOAs) in long-term planning for maintenance and major repairs. APCHA has contracted with Denver-based consulting firm RD3 to facilitate full capital reserve studies for eligible HOAs.
Recognizing the critical importance of proactive financial planning for the upkeep of deed-restricted properties, APCHA is paying 100% of the study costs, which amounts to nearly $167,000. This move underscores APCHA’s dedication to ensuring the sustainability and viability of deed-restricted units within the agency’s inventory.
“Last summer, APCHA identified the need to better understand the current health of the capital reserves for deed-restricted HOAs to better support them in capital reserve management,” said APCHA Executive Director Matthew Gillen. “Our hope is that all eligible HOAs participate, and the community recognizes what a valuable public service this is.”
The capital reserve studies provided through this initiative will offer invaluable insights to participating HOAs, helping them understand their current financial standing in relation to future maintenance needs. Typically, such studies can cost HOAs up to $5,000, with higher costs for those undergoing their initial assessment.
Eligible HOAs include those with a majority of APCHA deed-restricted units and those predominantly multi-family with common elements. Through this program, participating HOAs will benefit from a comprehensive assessment process:
- Review of existing conditions: A thorough examination of current HOA data and conditions.
- Property condition assessment: Detailed surveys to evaluate the state of the property.
- Gap analysis: Measurement of existing reserves against projected future needs, identifying areas for improvement.
- Corrective action planning: Tailored recommendations and reporting to guide HOA boards in strategic decision-making.
The program will involve two to three virtual meetings with RD3 experts, followed by an onsite visit to each participating HOA. Onsite assessments are scheduled to commence in late spring to early summer, ensuring optimal weather conditions and accessibility to property infrastructure.
HOAs interested in participating are encouraged to reach out to the city’s housing policy analyst, Liz Axberg, at liz.axberg@aspen.gov to secure their spot in this limited program. APCHA looks forward to working closely with HOAs to strengthen community resilience and ensure the long-term well-being of Aspen's housing landscape.
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