This week at the Board of Directors meeting approved a new budget. The change includes an increase of HOA quarterly dues from the current $235.70 to $295 (a $59.30 increase). It’s a total of an extra $237.20 per year.
The cost increase goes into effect start July 1st, 2021 and approved for 18 months. Yes, this increase applies for our next HOA payment due. If you are on auto pay you will be receiving a letter in the mail, otherwise you will be receiving an updated coupon book. Note that late fees will be waived in July to give people time to catch up we understand this was a last minute change.
For more details on the new budget, a comparison of budgets, and why the increase took place, read our breakdown. Please contact Melrose with any questions or accounting concerns.
How did this happen? The covenant states the Association, not the Board is the determining body for an inter year financial inadequacy supplement.
I still have not received an updated coupon book and the payment is due today.
Coupon books were ordered last week and should be arriving soon, there is a grace period until the end of the month if you want to wait for it arrive : )