Dear Exchange Lofts Owners,
Please note that the monthly HOA fees will be increasing by approximately 10% effective January 1, 2024. A copy of the 2024 Budget and Fee Schedule can be viewed under the “Documents” section.
Homeowners that pay their HOA fees online or via mailed check will need to begin paying the new amount going forward. If you are currently on auto-draft directly through David Floyd & Associates, Inc., no action is required.
As you may have noticed, there have been several major building improvements over the last couple of years. The elevators were modernized and renovated. The exterior of the banner building was painted. The interior walls in the hallways and stairwells were painted. The parking garage lighting was replaced. The window glass on the front of the building was replaced (covered by insurance claim). In order to allow the HOA to continue making building improvements in the years to come without having to implement sizable assessments, reserve funding must increase. The 2024 budget includes $24,789.48 of reserve funding (an increase of $4,584.45 from the 2023 budget).
The HOA’s recent reserve study recommends that reserve funding be set at a rate of $75,000 in 2024 and that annual reserve funding be increased 3.25% each year going forward. The purpose of the reserve study is to help the HOA plan for future capital expenditures, ideally without having to implement sizable assessments. Going forward, the State of Tennessee will be requiring condominium associations to have reserve studies performed, and condominium associations will also need to have their reserve studies updated every five years.
The Board tentatively plans to increase HOA fees incrementally in the coming years with the goal of increasing annual reserve funding to the level recommended by the reserve study by the time that the ongoing supplemental assessment ends (in early 2029).
If you have any questions, please email us at ExchangeLoftsNashville@gmail.com.
