CALIFORNIA – HOA decision rankles residents at The Lakes in Visalia
Earlier this summer, property owners at the exclusive enclave, which features nine acres of manmade waterways, received letters dated June 11 from Armstrong Property Management, which manages The Lakes for the HOA. The letters informed residents an emergency assessment was necessary to help fund the repair of the development’s streets, which were described in the letter as “crumbling in several areas” and “very unsightly.”
The letters explained that a portion of road repair project’s cost — $400,000 — would be paid by the HOA’s reserve fund but The Lakes property owners would be charged a special assessment totaling $350,000 to cover the rest, with each property owner paying a minimum of $2,333.34 above and beyond their $310 monthly dues to bankroll the emergency project.
For property owners with two or three lots, the assessment would be doubled or tripled. Read more: