Special Assessment Details
The community approved by a 68% yes vote and the Board approved at the November 2010 meeting an $800 special assessment to pay off the note for the purchase of the amenities. This will save over $600,000 in interest. The billing for the special assessment will be included with the association regular semi-annual assessment for 2011. The invoice will be sent out around the 15th of December. The full $800 will be billed but you have two possible options for paying. You can pay the full $800 due 1/1/11 or send a down payment of $100 along with the form that will be enclosed with the billing agreeing to the payment plan. If an agreement form is not returned, you will be expected to pay the full $800 due 1/1/11.
The payment plan will allow you to make $80 semi-annual payments from July 1, 2011 through January 1, 2016. This option will have a semi-annual interest charge of 5% APR. The amortization schedule is as follows:
Beginning |
Ending |
||||
Due Date |
Balance |
Payment |
Principal |
Interest |
Balance |
Starting |
700.00 |
||||
7/1/2011 |
700.00 |
80.00 |
62.50 |
17.50 |
637.50 |
1/1/2012 |
637.50 |
80.00 |
64.06 |
15.94 |
573.44 |
7/1/2012 |
573.44 |
80.00 |
65.66 |
14.34 |
507.77 |
1/1/2013 |
507.77 |
80.00 |
67.31 |
12.69 |
440.47 |
7/1/2013 |
440.47 |
80.00 |
68.99 |
11.01 |
371.48 |
1/1/2014 |
371.48 |
80.00 |
70.71 |
9.29 |
300.77 |
7/1/2014 |
300.77 |
80.00 |
72.48 |
7.52 |
228.29 |
1/1/2015 |
228.29 |
80.00 |
74.29 |
5.71 |
153.99 |
7/1/2015 |
153.99 |
80.00 |
76.15 |
3.85 |
77.84 |
1/1/2016 |
77.84 |
80.00 |
77.84 |
2.16 |
0.00 |
Total |
800.00 |
700.00 |
100.00 |
All assessments, including special assessments, are due semi-annually on January 1 and July 1. We allow a grace period for mailing and processing until the 30th of the month. Payments not received and processed by the 30th will incur monthly interest of 18% APR. In addition, if payments are not received and processed within 45 days of the due dates (February 15 & August 15) you will also incur a late fee of 10% of the unpaid assessment balances. For further collection policy details, you may visit our web site at www.ironoakshoa.org; under governing document you will find our collection policy. Copies will also be available at the Oakwood Clubhouse in our information hallway.
Checks are to be made out to “IronOaks at Sun Lakes”, please put your member number (located on your statement) in the memo area and enclose your remittance to ensure proper processing, mail to PO Box 62288, Phoenix, AZ 85082-2288 or dropped off in the payment drop slot at the Oakwood Clubhouse. If you are using bill pay, please make sure your banking details reflect this information. Please be sure to allow 5-7 days for mailing time. If you are having a hardship and unable to pay your assessments by the due dates, please send a letter addressed to the Board of Directors to 24218 S. Oakwood Blvd, Sun Lakes, AZ 85248 or drop it off at the Oakwood Clubhouse. The letter must include your circumstances, a payment plan, and your contact information. The information will be considered and a reply sent.
If you have further questions, you may contact the accounting office at (480) 895-7275 or e-mail to controller@slhoa3.com.