A hand-full of residents have expressed concern about a letter sent from Space Coast Property Management regarding their delinquent assessment.  The BOD would like to remind everyone that the 2012 assessment was due on January 1, 2012.  I have lived in the neighborhood since 1999, and assessments have always been due on January 1.  This is a very hard and cold fact and no argument will change that.

The distinction between a due date and a grace period has caused some confusion in past years, and promoted a false belief that assessments are due some mispercieved date between February 28 and April 1–depending on the resident involved. But the simple fact is that this year–like every year so far–the due date was set for January 1.  Quoting Article VI Section 2 of our covenants:

Any assessment not paid within thirty (30) days after the due date shall accrue an administrative late charge of $25.00 or ten (10%) percent of the amount due, whichever is greater, plus interest beginning thirty (30) days from the due date at the rate of eighteen (18%) percent per annum until paid.

With the due date of January 1, by order of our covenants, any homeowner who has not paid by January 31 is subject to a late fee and on that date the interest starts adding up.  By order of our covenants, the additional charges calculated by Space Coast Property Management are correct and by sending out the letter, they have acted correctly in their contractual obligation to the board.

Past BOD’s have been compassionate to the needs of the community and have voted to wave penalties for residents who get their payment in before an agreed upon day.  The current board also has that option, however at this point of time, no motion has been made, nor any votes counted on the matter.