Dear Exchange Lofts Homeowners,
The HOA has obtained financing in the amount of $450,000 in order to modernize both elevators this year. Beginning March 1, 2022, a supplemental assessment will begin and continue throughout the term of the loan (7 years). The supplemental assessment funds will be used to cover the HOA’s loan payments.
The supplemental assessment may be paid in 84 equal monthly installments. The last supplemental assessment payment will be due 2/1/2029. The attached fee schedule lists the monthly supplemental assessment amount for each unit.
If preferred, owners may pay the entire supplemental assessment amount upfront as a single discounted lump-sum payment. If this option is chosen, payment must be remitted by 2/28/22. The attached fee schedule lists the discounted lump-sum payment option for each unit. [NOTE: If the lump-sum discounted option is chosen, you will not be able to request a refund for the prepaid supplemental assessment amount if you choose to sell your home prior to the conclusion of the supplemental assessment. Any prepaid supplemental assessment funds would be credited to the seller and debited to the buyer at closing.]
The new fee schedule can be viewed under the Documents tab. Please carefully review the fee schedule to ensure that you pay the correct amounts going forward.
If you currently pay your HOA fees via auto-draft through David Floyd & Associates, Inc., no action will be required on your part. Your supplemental assessment payments will begin drafting automatically in March (unless you choose the discounted lump-sum payment option).
If you do NOT pay your HOA fees via auto-draft through David Floyd & Associates, Inc., you will need to begin paying an additional amount each month for the supplemental assessment (unless you choose the discounted lump-sum payment option). The supplemental assessment can be paid the same way as you pay your HOA fees.
If you have any questions, please email us at ExchangeLoftsNashville@gmail.com.
Thank you.
Regards,
David Floyd & Associates, Inc.
Managing Agent for Exchange Lofts HOA
