Owners at the Regency Gardens Condominiums got notices saying their board plans to pass a special assessment on May 15th.
According to the notice, the smallest homes in the condo will need to pay $11,148.42 for the assessment, and the largest homes will need to hand over $22,104.69.
That full balance is due on July 31st, and half must be paid by June 30th.
The memo sent to homeowners this week also explains that monthly HOA assessments will nearly triple.
Many residents say they will now need to quickly sell their homes or could face foreclosure.
“It’s going to be impossible. You’re going to see 60 or 70 percent of the people living here out within 6 months,” said condo owner Bryan Pricher.
According to the condo board attorney Keith Skorewicz, the association must make up a more than $17 million gap in reserve funding as required by State law.
For years, condo boards could waive reserves covering deferred maintenance, but lawmakers changed that after the surfside condo collapse.
“The short explanation for the current, urgent need is that Florida law previously authorized chronic underfunding of reserves resulting in substantial shortfalls in times of need. The practice of waiving reserves each year is no longer an option and the consequences of underfunding have caught up with the need for maintenance and repairs,” said Skorewicz.
The board meeting to consider the special assessment will be held May 15.
Some residents plan to fight the board and have already been working on a recall petition for current board members.
“It’s too much. Too fast. They’re trying to force us out,” said 15-year resident Craig Hrabchak, " We’re going to fight for it, and I’ll believe that we will win.”
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