homeowners associations (hoas)
a homeowners association is an organization created by a real estate developer for the purpose of developing and managing a community of homes, town homes and/or condominium units. it is given the authority to enforce the covenants, conditions, and restrictions as well as manage the common elements of the development. the nys office of the attorney general requires that the sponsor file an offering plan for the homeowners association, and that the sponsor maintain commitments which it made in the offering plan. the attorney general’s jurisdiction would be limited to ownership and maintenance of hoa common property.