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| IHG Insurance (National Insurance Provider) |
| Providing Community Association Insurance for over 25 years: D&O Liability, Crime Products, Umbrella Coverage and Property Manager's Errors & Omissions Liability. |
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| Author |
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NickK
(Florida)
Posts:30
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| 06/13/2006 3:06 PM |
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Hello All,
I am new to the HOA board in my development. The development has both a CDD and HOA, therefore the HOA is not responsible for contract or getting proposals for maintenance of the common grounds. Some members of the HOA board are pushing to renegotiate our Management Company contract to only include accounting. Other tasks would then fall on the board and any committees that are created. Does anyone have any feedback on this type of arrangement. Though some of the board members are retired and have time to perform additional tasks others do not. You thoughts would be appreciated.
Thanks |
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LuciusD
(Colorado)
Posts:139
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| 06/13/2006 3:38 PM |
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What do you mean by "CDD"?
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NickK
(Florida)
Posts:30
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| 06/13/2006 3:46 PM |
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A CDD is a governmental unit created to serve the long-term specific needs of its community. A CDD’s main powers are to plan, finance, construct, operate and maintain community-wide infrastructure and services specifically for the benefit of its residents.
In short the CDD is responsible for all common property.
Our HOA is responsible for the enforcement of the covenants and deed restrictions.
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JulieS
(Georgia)
Posts:412
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| 06/14/2006 9:16 AM |
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| I've never heard of a CDD....You mention that the developer has a CDD and then there is the HOA. What happens when the developer is finished? Does the CDD stay? |
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LuciusD
(Colorado)
Posts:139
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| 06/14/2006 4:13 PM |
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| What do the letters CDD stand for? Is the CDD established by the common declaration? Does the CDD collect assessments or does the HOA fund the CDD? It sounds like a mess to me? |
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NickK
(Florida)
Posts:30
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| 06/15/2006 5:28 AM |
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CDD's, Community Development Districts, were started years ago. Some people may call them impact fees. Counties and developers decided they do not want to fit the bill for roads, sewers, street lights and building of ammenitites. CDD's are a way for the developer to pass on the cost to the homeowners. The developer takes out a bond, usually a few million dollars. It is usually a 20-30 year bond. Payback of the bond and maintenance of common property is then added to your yearly taxes as non advalorem taxes.
There are many CDD developments in Florida.
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AndreaW
(North Carolina)
Posts:57
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| 06/16/2006 12:00 AM |
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| How would I know if we have a CDD? would it be mentioned somewhere in the CCR's? please advise asap thanks |
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NickK
(Florida)
Posts:30
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| 06/16/2006 5:31 AM |
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In Florida, if you have a CDD, you would see it on your tax bill under non advalorem taxes.
I am not sure how other states handle this. |
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