In 2018-2020 we experience greatly increasing costs to repair our aging roofs, and we had to pay major repair costs for mold remediation in some of our homes.

We launched a major project in May, 2021 to consider how to replace the roofs, with a Roofing Committee of 8 homeowners led by the Treasurer. 

The Committee reported out its conclusions and recommendations at a special Members' meeting in October 2021

Alternatives: 1 time special assessment of $12,000 per homeowner, or borrow and stretch out the payments. 

The Villas borrowed $1,050,000 from CIT Bank with a repayment period of 15 years, at $$7,823.06 per month.  Another $450,000 from our Reserve Accounts. Total $1,500,000. 

Resulted in an increase in monthly assessments of $64/month for each homeowner for 15 years. 

In 2023 we discovered that some of the shingles provided by Owens Corning were defective. Owens Corning made good on the warranty and 28 roofs were fully replaced and 11 partially replaced, under warranty.