Just like the other 19,000 Chicagoland homeowners associations (HOAs), your board needs to manage frequent damage to properties from wind, hail and the Midwestern freeze-thaw cycle. Sometimes projects can be paid for out of residents’ monthly HOA fees and HOA reserves. But for larger projects, such as replacing or repairing a roof, balconies, garages, elevators, windows, HVAC systems and masonry, your HOA may need to explore another option—an HOA loan.

Read on to learn about the benefits of HOA loans, loan terms and repayment options, how to apply and what to consider when choosing an HOA loan provider.