And then there was one! And so we are now down to our last building. And although the ugly weather of late has caused some slippage in our completion date, it will not impact our planned timetable for going forward. As a reminder, here are the key dates that you should keep in mind.
Early February – The Board and APM will determine the final cost for the project.
Middle of February – You will be notified by letter of the overall final project cost, your final cost, your options and costs, and payment dates. Additionally, if you have not yet paid for your siding in full, you will be asked to let us know if you intend to pay for it with the 10 year loan option.
March 1st – This will be the Payment Due Date – the date that all siding payments are due. It will also be the date for your first loan payment, if you are selecting that option.
Middle of March – Refund checks (applicable only if the project costs is less than $1,500,000) will be mailed to all owners who have already paid in full.
Important – if you are currently making the monthly special assessment payments (aka ”the interest payments”), you must make the February payment (unless you pay for your siding in full during January).
For those considering the 10 year loan option, the interest rate is 7.35% with your first payment due March1. All owners are encouraged to seek out other financing options that may be more attractive. Your monthly loan payment will be due the 1st of each month for 10 years together with your regular monthly common fee payment. Both fees will need to be paid in full each month. The loan may be paid off early at any time at no penalty. If you have any questions, please call me or email me (LINCMAY@COX.NET).