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Increase in Annual Assessments

10/30/2020 8:39:06 AM

At the virtual Board Meeting held on September 22, 2020, the Board of Directors voted to increase the annual assessment of $200 by 20% to $240 for 2021. Per Article 4 Section 4.4 (b) (ii) “The Board of Directors may increase the maximum regular assessment each fiscal year by up to 20% above the maximum regular assessment from the previous year.

While the Board did not want to increase the annual assessment, there are multiple reasons for an increase. The community does not have a reserve fund (savings) for capital expenditures/ improvements and there are maintenance projects that need to be addressed such as, fence repairs/replacements, iron gates and retaining walls, re-surfacing the Community pool, tree removals/replacements, anticipated irrigation repairs, and maintaining the entry monuments.

The assessments were not previously increased due to the effect it could have on home sales. The HOA has had limited and minimal maintenance by the developer. The Board voted to increase the assessments to protect you, increase your home value and improve the overall community.

In addition to the increase in expenses, the association is required to save adequately for the replacement of those items that fall under its responsibility. When an association does not have an adequate reserve fund, this can come across as a red flag for certain mortgage lenders.

Your Board of Directors are doing everything in their power to balance expenses and savings to ensure the association is properly funded, and always diligently working to keep costs as low as possible.

We appreciate everyone’s cooperation with the assessment increase and if you should have any questions please contact your community manager, Ivori Moore.

Villages of Carmel HOA

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