My neighborhood association, Arnold Creek, came up with a different way to restrict who can vote on Association matters.  To be eligible to vote, one has to attend a meeting within the preceding 6 months (of the vote) and annually thereafter.
To me, organized attempts - like these - to limit who can vote on Association matters calls question to the concept of why neighborhood associations exist in the first place and whether they are still relevant or representative of all the people who live within their boundaries.
For one, I think the City should only recognize (and/or potentially fund) the activities of Neighborhood Associations that are inclusive and have adopted by-laws that do not restrict who can vote in any material fashion.