Amenity Repairs and Concerns About Future Assessments.
Amenity Repairs and Concerns About Future Assessments. An amenity that the HOA assessment was supposed to cover the use of was unavailable for about two months. When the board president was questioned about the status of the repair and resumption of use, the response was brusque and unforthcoming. A homeowner paying the required fee has a right to know the status of repairs to an amenity they are paying to use. The lengthy period of time it took to get the issue resolved led me to fear that there might be a financial issue delaying the repair, such as insufficient funds in the reserves. Of course, I cannot substantiate that since I was not able to get a reasonable response to my query. If, in fact, there is a shortfall in the reserves, the new Fannie Mae/Freddie Mac standards may make it hard for owners to sell their property. If the board decides to try to meet those standards, it is likely that the HOA assessment will go up, and there may also be a special assessment levied in order to quickly meet the new reserve requirements. Over the years, some of the neighbors I spoke with expressed that they only remained at Royal Courts because they could not afford to move. These possible increases will be more than some will be able to handle.