Homeowners associations, or HOAs, govern and maintain residential communities. These can be neighborhoods of single-family homes, condominiums, or townhomes. HOAs manage upkeep and maintenance, and elect a governing board to uphold covenants and bylaws. The goal of an HOA is to protect the property values and shared assets of a community. Often formed by developers during the development and sales stages, the organization assumes financial and legal responsibility and retains voting and governance rights.