HOMEOWNERS have received notices saying they may need to pay thousands of dollars in just months for special assessment fees to keep their residence.
The notices were sent to condo owners at Regency Gardens Condominiums in Orlando, Florida.
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Small homes will have to pay $11,148 and large houses will owe $22,104.
Residents will have to pay up if the special assessment is passed at a board meeting on May 15, ABC affiliate WFTV in Orlando reported.
They will have until July 31st to pay the full amount, but half must be paid by June 30th.
The notice also said monthly HOA assessment fees will rise too and they should also expect increases next year, per WFTV.
Attorney Keith Skorewicz explained the large special assessment fee comes as Florida needs to cover maintenance charges.
These maintenance requests have been waived in the past, but after the surfside condo collapse, they’re being enforced.
“The short explanation for the current, urgent need is that Florida law previously authorized chronic underfunding of reserves resulting in substantial shortfalls in times of need,” Skorewicz said.
“The practice of waiving reserves each year is no longer an option and the consequences of underfunding have caught up with the need for maintenance and repairs.”
The attorney representing the condo association said, “It’s presumably they met with the engineers and they said there are some urgent needs. It’s a safety issue,” per WFTV.
FREAKED OUT RESIDENTS
Condo owners are scrambling to figure out how to tackle the abrupt news and are worried about their next move for a living situation.
The local news outlet spoke with several people on the matter.
“It’s going to be impossible,” Bryan Pricher said.
“You’re going to see 60 or 70 percent of the people living here out within 6 months.”
Another resident shared how she, “was sick to my stomach. I’m afraid they’re going to foreclose us.
“I know I didn’t sleep I’ve been up looking for places for my daughter to live.”
One homeowner said they would try selling their home quickly to get out of the situation.
What is an HOA?
One in five Americans live in an area with a Homeowners’ Association – or HOA. But what exactly is it that they do?
- An HOA is a homeowner’s association – an organization that aims to maintain a clean and cohesive place to live for its residents.
- Entire neighborhoods, subdivisions, condominiums, family homes, or townhouses within “a planned development” will often make up an HOA.
- They also act as a governing body for tenants, who run and fund the HOA through monthly fees.
- Their principal aims are to keep the community functioning and visually appealing and to maintain property values.
- They primarily focus on common areas of a neighborhood, such as roads, parks, and pools – but may also stipulate what residents can do with their properties, such as yards and driveways.
- Often these restrictions enforce uniformity on properties, for example, ensuring most houses look the same and all driveways are clear of weeds.
- An HOA rulebook of covenants, conditions, and restrictions (CC&R) is distributed to all residents, and an elected volunteer board of directors enforces these regulations.
- Breaking these rules can result in penalties such as fines and even litigation – as most HOAs are incorporated and subject to state law.
- HOAs are often the subject of controversy, with some members feeling that the rules are too punitive and restricting, or that the leadership has too much power.
- But others like that HOAs give communities the power of self-governance, and can ensure a degree of harmony between residents.
“It’s just ridiculous,” they said.
“I’m just going to sell as fast as I possibly can and then run for the hills.”
This homeowner said, “I’ve never seen anything like this.”
Resident Craig Hrabchak feels they’re being kicked out and said, “It’s too much. Too fast.
“They’re trying to force us out.”
“We’re going to fight for it, and I believe that we will win.”
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