What does "HOA" stand for and what is its function?

"HOA" stands for Homeowners Association, and its primary function is to manage and maintain common areas and shared amenities within a residential community. Homeowners Associations are typically established in neighborhoods with shared spaces, such as parks, swimming pools, and clubhouses, to ensure that these areas are kept up to standards and accessible for all residents.

The HOA collects fees from homeowners to fund these maintenance activities and may also enforce community rules and guidelines that help maintain property values and aesthetic consistency within the neighborhood. This governance structure provides a framework that helps homeowners enjoy their community while ensuring neighborly cooperation and adherence to agreed-upon standards.

The other options describe entities or concepts that do not accurately represent the role of an HOA, which is specifically related to the management of common property in residential settings.