Managed by ALPS Property Management
When homeowners' associations (HOAs) or condominium associations fall into financial disrepair, leadership voids, or internal conflict, court-appointed receivership can be the critical tool to stabilize operations and protect property values.
At ALPS Property Management, we bring experienced, court-approved receivership services to struggling HOAs and condo associations across the country. With a deep understanding of the legal, financial, and interpersonal challenges that arise in distressed communities, we act quickly to restore order, rebuild trust, and ensure long-term functionality.
What is HOA & Condo Receivership?
Receivership is a legal remedy used when an HOA or condo board is unable—or unwilling—to fulfill its duties. A court-appointed receiver temporarily steps in to assume control over the association's finances, operations, and governance. This is often necessary in situations involving:
- Mismanagement or fraud by the board
- Prolonged vacancies in leadership
- Major financial shortfalls or unpaid assessments
- Deferred maintenance leading to property damage
- Legal disputes or infighting among board members
ALPS Property Management is equipped to act as the court-appointed receiver, or to serve as the management partner working under a receiver's direction. Our team is experienced in navigating legal frameworks, collecting delinquent assessments, repairing neglected infrastructure, and bringing transparency to chaotic situations.
Our HOA & Condo Receivership Services
When appointed, ALPS Property Management immediately implements a tailored action plan that may include:
- Financial Stabilization: Reconstructing financial records, collecting overdue assessments, and creating realistic budgets
- Operational Oversight: Assuming daily control of the association's operations and ensuring compliance with governing documents
- Maintenance & Repairs: Coordinating urgent repairs and initiating long-deferred maintenance projects
- Vendor Management: Evaluating and renegotiating service contracts for cost-effectiveness
- Community Communication: Rebuilding resident trust through transparent communication and regular updates
- Legal Compliance: Working closely with attorneys, courts, and stakeholders to satisfy legal obligations
Our goal is to create the conditions necessary for a stable, self-governing HOA or condo board to resume control when the time is right.
Why Choose ALPS Property Management?
Based in Chicago, ALPS Property Management has deep expertise in both receivership and traditional association management. Our team is responsive, professional, and known for turning around difficult situations. Whether you're a court officer, attorney, concerned homeowner, or existing board member, we bring a structured and compassionate approach to even the most complex cases.
Case Studies
Case Study 1: North Side Condominium – Financial Recovery & Board Restoration
A 30-unit condominium building in Chicago's North Side had not collected assessments in over 18 months, leaving it with no operating budget, extensive maintenance issues, and legal pressure from vendors. After being appointed as receiver, ALPS:
- Rebuilt the financials from scratch
- Collected over $150,000 in back assessments within 6 months
- Completed urgent roof and plumbing repairs
- Held new board elections and transitioned leadership back to owners
Result: The association returned to financial stability and self-management within one year.
Case Study 2: HOA in South Loop – Conflict Resolution & Infrastructure Restoration
An HOA serving 75 townhomes was plagued by infighting, incomplete maintenance records, and vendor lawsuits. Upon court appointment, ALPS:
- Facilitated mediated resolution between warring board factions
- Renegotiated vendor contracts and resolved outstanding liens
- Resurfaced private drives and implemented preventive maintenance
Result: Homeowner satisfaction improved dramatically, and legal disputes were resolved without further court action.
Case Study 3: West Chicago Condo Association – Emergency Management
Following abandonment by the prior board, a small condo complex faced mold infestations and a halted insurance claim. ALPS was brought in as receiver and within 90 days:
- Coordinated environmental cleanup and mold remediation
- Reopened and settled the insurance claim
- Re-engaged residents through transparent financial reporting
Result: Residents regained safe, livable units and the court commended the turnaround.