Published March 28, 2008
The Avalon Lake subdivision is home to more than 1000 homes and
multi-family units. So many of those homes are foreclosed on or empty the HOA may still go bankrupt.
Owners got a letter from the HOA demanding more money!
Gates are staying open because there is no money to repair them and since the HOA stopped paying the security company security officers stopped patrolling the neighborhood.
Owners were shocked when they received a letter telling them that the HOA is in the red by $206,743. The result: every homeowner cough up $200 each to cover the cost.
It leaves the homeowners' association in dire financial straits and they are considering declaring bankruptcy in order to get out from under the $206,000 debt.
But homeowners have the sneaky suspicion that financial mismanagement
played a big part in the giant debt as well.
Owners admit that they have not been as involved as they should have been, but that may change at tonight's meeting!
Video Courtesy of
Channel 9 -- ABC
By Steve Barret
-- Daytona Beach