Common-interest development: Difference between revisions

Revision as of 03:14, 24 February 2021

Revision as of 19:40, 28 February 2021

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'''Common-interest development''' ('''CID''') is the fastest growing form of housing in the world today.<ref>{{cite web| title=Living in a California Common Interest Development| publisher=State of California Department of Real Estate| url=http://www.dre.cahwnet.gov/pub_re39.html| access-date=2010-10-04| archive-url=https://web.archive.org/web/20110721033635/http://www.dre.cahwnet.gov/pub_re39.html| archive-date=2011-07-21| url-status=dead}}</ref><ref>{{cite book| first= Evan| last= McKenzie| title= Privatopia: Homeowner Associations and the Rise of Residential Private Governments| publisher= [[Yale University Press]]| isbn= 0-300-06638-4| pages= [https://archive.org/details/privato_mck_1994_00_6198/page/7 7]| url= https://archive.org/details/privato_mck_1994_00_6198/page/7}}</ref> They include [[condominium|condominiums]], community apartments, [[planned development|planned developments]], and stock cooperatives.<ref>{{cite web |title=Common Interest Development (CID) |url=https://www.davis-stirling.com/HOME/CID-Defined |publisher=Adams-Stirling Law Corporation |accessdate=5 June 2020}}</ref> A CID's ownership benefits are having rights to an undivided interest in common areas and amenities that might prove to be too expensive to be solely owned. For example, an owner would like to have a pool but cannot afford one. When buying a [[condominium]] with a pool in a CID of one hundred units, an owner would have use of that pool for basically one-hundredth of the cost due to sharing the cost with the other 99 owners. [[Timeshare]], or vacation ownership, is the same concept. Buying a second home for vacation purposes might not be financially possible; buying a week or two can be when sharing the overall costs with other participants.

Within the United States, when a CID is developed, the developer is required to incorporate (in a form) a [[homeowner association]] (HOA) prior to any property sales. The role of the HOA is to manage the CID once the control is transferred from the developer. The HOA governs the CID based upon the incorporated [[restrictive covenant|covenants, conditions, and restrictions]] (CC&Rs) which were recorded when the property was subdivided. The CC&Rs will outline the financial [[budgeting]] guideline for the HOA in determining the dollar amount in maintenance fees for assessing the owners. In a wholly- owned CID, maintenance fees would normally be assessed on a monthly basis.{{citation needed|date=September 2015}}

==Growth in the United States==

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According to the [[Community Associations Institute]], between 22–2422 and 24 percent of the entire [[Demographics of the United States|U.S. population]] in 2017 lived in community associations. The two leading states with CIDs are [[California]], where around 9,327,000 people lived in a CID, and [[Florida]], where about 9,753,000 lived in a Community Interest Development.<ref name="U.S. community associations, housing units, and residents"/>

==Criticisms==