GOODBYE by Joe Bower – Founding Member of Somersett United
“As my house recently sold I am no longer a member of neither the SOA nor SCA association so this is my last post on Somersett United.
Here is something to think about and that could be similarly instituted here:
A large (over 5,000 homes) HOA in Southern California believes it is in the best interest of the community to have available a substantial reserve fund while at the same time keeping the association’s assessment structure as low as possible. The Association considered many funding sources and ultimately determined that a Reserve Replenishment Assessment would meet the goals of supplementing the Reserve Fund while at the same time not causing an abnormal increase to the Association’s regular annual assessment.
Therefore, they are planning to amend their CC&R’s to require the payment of a Reserve Replenishment Assessment (RRA) equal to six (6) months of what would be here the assessment amount for Common areas (excluding Gates and TCTC). The RRA would be due and payable within six (6) months of the Owner’s acquisition of record title date to a Lot within the community. Could pay in full or in six (6) monthly installments.
Existing Owners would not be required to pay the RRA. Nor would it be applicable when a Lot is transferred from an Owner to an Immediate Family Owner defined as spouse, registered domestic partner of the Owner, as well as the Owner’s siblings, children and/or grandchildren.
Existing Owners would be those Owners who held title to a Lot(s) as of the date of recordation of the amended CC&R’s.
If an Existing Owner(s) sells their Lot (A) and purchases another Lot (B) in the Association within six months of the close of escrow of Lot A that Owner(s) will be deemed to be an Existing Owner and will not be required to pay a RRA relative to the purchase of Lot B.
Specific details on this can be made available to a board or finance committee member upon contacting me. My email address is known to many of them.
Finally, this Somersett United blog is a marvelous way of keeping up with community goings-on. It is even more informative than official communications from the Board/management company. Congratulations and may more owners join it. Please tell your friends and neighbors about it. As you have experienced, they won’t be inundated with emails from or related to it.”
Editorial Note: As Joe moves on, SU will miss his insightful (although some may have considered them as “inciteful”) contributions to this Blog site. As Joe mentioned he, along with many others, established Somersett United as a group of homeowners concerned over the actions, and lack of actions, being undertaken by the then Developer controlled SOA Board. However, with the passage of time and as the Association matured under the direction of homeowners, Somersett United ceased to exist as a cohesive group and subsequently evolved into a Community Information and Blog site administered by Jim Haar as both editor and webmaster. SU thanks all those followers and commenters who have made this site possible over the years and look forward to what 2020 brings.