Balboa Towers COA
Community Initiatives
Major projects and governance efforts underway on behalf of our community
Community Projects & Improvements
ActiveThe Background
The Long Road Here
The condition of our buildings and common areas didn't happen overnight. With our reserves amounting to just 17% of the recommended level, this board made the decision to stop the decline and build a more sound and stable foundation for our community.
The Problem
Why a Special Assessment Was Necessary
Balboa Towers was built in the early 1970s. After more than 50 years, much of our infrastructure had deteriorated beyond what routine maintenance could address. Unplanned expenses and surging cost increases left our reserves critically underfunded. The choice was clear: act now, or face monthly dues projected to reach $1,192 within five years.
The Process
Three Town Halls and a Community Vote
The board held three town hall meetings in spring and summer 2025, presenting all financial data and contractor bids transparently. The full presentations are available on our website.
Smart Financing
How We Protected Your Money
Our Treasurer negotiated with five banks to secure a lower rate of 5.85% and structured the loan as a construction draw account with homeowner lump sum payments being used before any loan draws. As a result, no significant interest was incurred through April 2026, and the monthly payment was reduced from $300 to $275 effective May 1, 2026. This will save homeowners on the payment plan nearly $3,000 over the life of the 10-year loan.
Further, no homeowner had to shop for an individual loan, qualify with a bank, or carry new debt on their credit history — the HOA bore the liability and negotiated a rate most individuals couldn't have matched. Because of the number of assessments paid in full, a ripple effect was created that reduced costs for everyone on the payment plan. This is what HOA community means — individual decisions producing collective outcomes.
Accountability
Your Money Is Safe
Every dollar collected is tracked, every invoice reviewed, and every contract scrutinized before any payment is made. The bank itself monitors expenditures to ensure that funds are only released for the projects listed in our loan application. Any questions about how funds are managed can be submitted to info@balboatowers.org — we welcome scrutiny and will respond thoroughly.
Board Oversight
What We've Accomplished
The board assembled a volunteer Construction Committee including a master plumber and a professional construction manager from our community. President Z Mikulski reviews every contract, Treasurer Gwen Hubbard reviews every invoice, and asbestos discovered during roofing was promptly cleared — all while remaining within budget.
Current Status
Where Things Stand Today
What's New
Additional Community Improvements
CC&Rs Update
Coming SoonCC&Rs Review & Update Initiative
The board has identified updating the community's Covenants, Conditions & Restrictions as a priority initiative. This work is pending final coordination with our HOA attorneys. Updates will be posted here as the process begins.
Initiative forthcoming — check back for updates↑ Back to Top
Bylaws Update
Coming SoonBylaws Review & Update Initiative
Alongside the CC&Rs review, the board plans a comprehensive review and update of the association's bylaws. This initiative is pending attorney engagement and will be launched in coordination with the CC&Rs process.
Initiative forthcoming — check back for updates↑ Back to Top