Special assessments payments start on July 1st and are due by the 10th of each month for the next 5 years.
There are two special assessment payments.
The first special assessment is only for the owners who did not make upfront lump sum payments and it will be 475 dollars a month. This amount is estimated and it will be adjusted in a few months when all repair projects are completed and we convert our construction line of credit into the term loan. This 475 dollars amount is based on the current interest rate which can change.
The second assessment of 100 dollars a month is for ALL owners and it is also set for the next 5 years (total of 60 monthly payments). If you wish to pay it earlier or in larger amounts you are more than welcome but it is not required.
To sum it up, if you paid the 1st assessment in a lump sum, you will need to pay $100 a month and If you did not make the upfront assessment payment your monthly check will be for $575.
Please make separate checks for assessment fees because they will be deposited to a separate account. Do not combine condo and assessment fees in one check.
We encourage setting up auto-payments via online banking to save your time for writing and delivering checks in person.
Please let me know if you have questions.
Thank you
There are two special assessment payments.
The first special assessment is only for the owners who did not make upfront lump sum payments and it will be 475 dollars a month. This amount is estimated and it will be adjusted in a few months when all repair projects are completed and we convert our construction line of credit into the term loan. This 475 dollars amount is based on the current interest rate which can change.
The second assessment of 100 dollars a month is for ALL owners and it is also set for the next 5 years (total of 60 monthly payments). If you wish to pay it earlier or in larger amounts you are more than welcome but it is not required.
To sum it up, if you paid the 1st assessment in a lump sum, you will need to pay $100 a month and If you did not make the upfront assessment payment your monthly check will be for $575.
Please make separate checks for assessment fees because they will be deposited to a separate account. Do not combine condo and assessment fees in one check.
We encourage setting up auto-payments via online banking to save your time for writing and delivering checks in person.
Please let me know if you have questions.
Thank you
