Assessment and HOA Fee same month??

Started by SarahP1 • 5 replies • 1320 views

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SarahP1 (Florida)
Posts: 2

Posted:

We have a roof assessment due in the amount of $2500 and were given 30 days notice for it to be due (April 25th) We also have our HOA quarterly dues due April 1st for $750. Somebody mentioned that they cannot ask for over $1000 in a given month. Does anyone know the answer?

PaulM (Pennsylvania)
Posts: 1,347

Posted:

Sarah:
It's unfortunate that no mention was made of a 'payment plan' with the amount due. I cannot believe that your Board/Mgmt. Company would deny a payment plan to those who request one. Why not ask?

SarahP1 (Florida)
Posts: 2

Posted:

Its due to a roofing contract so we can get a price locked in and work completed before hurricane season. The question I need answered is it "legal" for them to collect over $1000 in a given month - we heard that it was....

JoeW1 (New York)
Posts: 728

Posted:

SarahP1 - Common Expense Assessments are necessary and legal, unfortunately they are rarely convenient. Your question on the amount the HOA is entitled to assess would be specific to your association and by-laws, that is where you should look first for an answer. There may be limits in your state law that oversee HOA's, each state has different regulations, do some google searches.

MelissaP1 (Alabama)
Posts: 13,836

Posted:

Plus, I would add if there was such a thing as a "1K limit", the amounts mentioned are "Monthly". A special assessment looks like it's an one time yearly costs/assessment. The true other $750 assessment isn't monthly either.
I would just say that it's someone making up an excuse of not paying the assessment and the dues. It's a pretty heavy chunk of money. However, you would paying much more for these repairs as an individual than as a group. It sounds like it's a necessary repair. It's just inconveniently expensive. Could you imagine what the work would cost if you weren't in a HOA?

Former HOA President

JM2 (Oregon)
Posts: 439

Posted:

Hi Sarah:

Not knowing what state you're in, it's hard to give advice as far as your state laws; the HOA's lawyer could probably handle that question.

As far as the assessment goes, there are a few options:
1) Have the HOA "borrow" from reserves (if allowed in your state and reserves are sufficient) and pay back over a year or so, and make payment plans for owners.
2) Have the HOA borrow on a loan (there are companies that specialize in HOA loans) and pay back over a year or so - and set up a payment plan for the owners.
3) Individual owners could take out a Home Equity Loan or Line of Credit, pay the assessment and then pay over time.

Sometimes it helps to think "outside the box." It sounds like your BOD might not have done that.

J. Patrick Moore, CMCA

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