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Subject: Can a homeowner/board member loan the HOA money?
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Author Messages
SueL12
(California)

Posts:1


07/17/2019 10:53 AM  
Can a homeowner/board member loan money to his HOA? If so, must he charge the HOA interest? If so, is there a number for that interest?
JohnC46
(South Carolina)

Posts:8550


07/17/2019 11:10 AM  
Must he charge interest? No.

The interest rate is the decision of the one loaning the money and the borrower accepting the rate..
SamE2
(New Jersey)

Posts:133


07/17/2019 11:47 AM  
I thought you had to charge interest or it was treated as giving the interest as a gift for the IRS.
MarkM31
(Washington)

Posts:469


07/17/2019 12:17 PM  
Interest is so low right now that it's not really going to exceed any IRS threashold.
SteveM9
(Massachusetts)

Posts:3296


07/17/2019 4:24 PM  
Can a homeowner/board member loan the HOA money?

Yes. But the HOA would be foolish to take a loan or do business with anyone who is not in that business of doing that. A bank is also regulated by the government. An regular guy lending money is not.

MelissaP1
(Alabama)

Posts:8396


07/17/2019 5:02 PM  
Stupid idea. Done.

Former HOA President
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Forums > Homeowner Association > HOA Discussions > Can a homeowner/board member loan the HOA money?



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