Due to the short water retention time a herbicide that takes a long time to act like Fluridone isn't an option.
The first thing that needs to be done is ID the submerged weeds. Take a look at
http://aquaplant.tamu.edu/ and ID the submerged weeds. Then an appropriate herbicide to use can be determined based on the plants in the pond.
I would be remiss if I didn't tell you that using Round-Up in a pond or body of water is not recommended or legal as it is not approved for use in or around water.
Due to the nutrients that have accumulated in the pond, and that continually run into the pond, once you kill the weeds you will have an algae explosion, and you will have to manage the algae, either by using algaecides or by adding Tilapia.
I'm assuming that since this is governed by the HOA, what is their budget for the storm water retention pond this year?