To Our Friends and Neighbors of Grove Park
The Board of Directors are aware of your concerns regarding the proposed amendment to the Grove Park Covenant. This proposed change was not a Board directed initiative but was born out of concerns voiced by residents of Grove Park. The Board has been examining this issue for over a year and conducted extensive research into the number of rental properties within the Grove Park Community. It has been determined that 18%, or approximately eighty homes are tenant-occupied rather than owner-occupied residences.
Research shows that a certain number of rental properties in a community are good for that area. However, as the number of rental properties rise, property values tend to stagnate and eventually begin to decline. This is especially true for investor owners who do not have the same sense of pride in the neighborhood as does a homeowner who, under certain circumstances, may rent their property. Due to the current market and economic conditions, rental properties are becoming even more attractive to investors.
The Board’s intent behind this initiative was not to be so restrictive that it interferes with the home-owners ability to manage their property. Rather, the hope is to limit the number of investor-owned rental properties and slow the influx of entities such as corporations/LLCs from purchasing homes throughout the Grove Park Community. The intent is also to provide guidelines for property owners who find themselves in a position of becoming a landlord. The guidelines will help ensure that rental contracts are sound and afford protections for the owner, as well as the Grove Park residents, should problems arise during the rental period. The Board has found that renters often claim they never received a copy of the covenants from the homeowner/property management agency that is leasing the property.
Additionally, this change does afford, under certain circumstances, an opportunity for homeowners who find it necessary to rent their home, an avenue to do so. The Board understands that unforeseen circumstances arise that may cause an undue hardship on the homeowner. One example is a military family that must transfer but intends to return to their home upon completion of their assignment. Others may involve financial hardships or medical problems that may warrant the renting of one’s home until the circumstances change. The Board fully intends to establish guidelines for exceptions to insure consistency for future reference.
We, the Board, understand that you may have concerns regarding this change and are more than willing to discuss this issue with any homeowner to ensure you receive accurate information regarding this matter. We will be available at the Main Park on Saturday, July 30, 2022, and again on Saturday, August 6, 2022, from 6:00 P.M. until 8:00 P.M. We welcome any resident with questions or concerns to visit with the Board Members during this time. You may also contact the Property Management Company at 334-308-0049 and leave a message with Ginny Gallagher and a Board member will return your call.
Thank you for your time and cooperation in this matter.
Grove Park Community Association Board of Directors