Common Fee Structure
Common Expenses are assessed in accordance with the Bylaws and are as follows, effective January 1, 2020:
2 Bedroom $265/month
3 Bedroom $300/month
3 Bedroom/3 Level $375/month
Common Expense & Special Assessment Fee Policy
All Common Expense and Special Assessment fees are due in full on the 1st day of each month. Council has elected to continue to honor the 10-day grace period; all payments must be received by the close of business (5:00pm) on the 10th of each month.
Late Fee Policy
All payments are considered late if payment is not received by the close of business (5:00pm) on the 10th day of the month, regardless of check issue date or postmark date. A thirty-five dollar ($35.00) Late Fee will be charged to any account that owes twenty-five dollars ($25.00) or more of any type of fee including, but not limited to, Common Expense fees, Special Assessment fees, fines, late fees and legal fees. Late Fees will not be waived given the very generous grace period.
Arrears Fee Policy
A fifty dollar ($50) Arrears Fee will be assessed each month on all accounts carrying an unpaid balance greater than twenty-five dollars ($25.00) of any type of fee including, but not limited to, Common Expense fees, Special Assessment fees, fines, late fees and legal fees that exceeds thirty (30) days. This is in addition to the thirty-five dollar ($35) Late Fee. Payments received will be applied to the initial Common Expense fee amount in arrears along with the associated late fees.
All accounts with unpaid balances exceeding sixty (60) days will immediately be filed in District Court. Accounts left unresolved will be turned over to our legal representative. Late Fees and Arrears Fees will continue to accumulate on the account until which time the balance due is satisfied. In addition, all legal fees incurred due to the collections process will be charged back to the unit owner in accordance with the Bylaws.
Accounts that have reached sixty (60) days in arrears are automatically reported to credit agencies. All associated fees incurred by the Association shall be charged to the unit owner’s account in accordance with the Bylaws.
These measures are necessary to protect the interests and investments of our community.
By vote of the Council on behalf of Providence Forge Association
Policy approved on December 2, 2019
Policy effective on January 1, 2020