Free capital reserve studies available for APCHA condo units

The Aspen-Pitkin County Housing Authority (APCHA) is seeking participants in a free initiative aimed at supporting homeowners’ associations (HOAs) in long-term planning for maintenance and major repairs.

APCHA will fund 100% of the study costs, which amounts to nearly $167,000. The studies will seek to understand the financial health of HOAs 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.

“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 in a press release. “Our hope is that all eligible HOAs participate, and the community recognizes what a valuable public service this is.”

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Eligible HOAs include those with a majority of APCHA deed-restricted units and those predominantly multi-family with common elements. Participating HOAs will gain:

• 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.

APCHA has contracted with Denver-based consulting firm RD3 to facilitate full capital reserve studies for eligible HOAs.

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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 should reach out to the city’s housing policy analyst, Liz Axberg, at liz.axberg@aspen.gov to secure their spot in this limited program.