Homeowners Associations (HOAs) and Community Development Districts (CDDs) play critical roles in community living. HOAs, governed by residents, manage and maintain common areas, enforce rules, and are funded through assessments paid by homeowners. CDDs, on the other hand, focus on infrastructure development and are often funded through property taxes or bonds. For new homeowners, grasping these differences is vital to prevent unexpected costs and regulatory issues that could impact their financial decisions.
"Understanding the fundamental differences between HOAs and CDDs is crucial to avoid potential financial and legal surprises when purchasing a new home."
"HOAs are formed as private entities governed by a homeowner's board, responsible for maintaining common areas and enforcing community rules and bylaws."
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