The acts promotes the improvement and governance of property assets. The regulations within the acts lays a foundation for proper planning and financial provision. These can be traced back to best practices & guides such as documented in the IIMM.
The core objectives is to promote efficiency and effectiveness, achieving the most at the least cost. Secondly, to articulate the metrics of importance and priority, certain things must be done and some are more urgent than others.
The act is thus all about efficiency, effectiveness and prioritization, as it relates to managing a physical infrastructure.
These pillars are in arguably universal and applicable to all types of infrastructures. The embodiment of this pillars is a LTMP. Guides such as IIMM and IS0550000 gives guidelines and best practices in compiling and implementing a LTMP.
Do these acts apply to a HOA, no
Do A LTMP apply to HOA, yes