09/27/2021
Dear Homeowner,
The Board of Directors of your Association has worked diligently in trying to preserve and enhance the property values of everyone's investment, along with the financial solvency of the Association. By California State Law (Civil Code 5600) your Association is required to adopt a budget which meets its current monthly financial obligations and at the same time fund its Reserve Account for future major replacement expenditures.
The Board of Directors acting in accordance with state laws and with their vested power in making prudent decisions on behalf of the Association, will be implementing an assessment increase in compliance with California Civil Code 5605. Effective November 1, 2021 there will be an increase of $49.60 bringing the assessment to $297.60 a month, per homeowner. This assessment increase is within the 20% the Board of Directors could authorize under the California Civil Code without receiving the approval of the membership. The Associations service costs have increased and reserves are dangerously low, this action must be taken to begin the steps in getting the Association in a better financial position to maintain its obligations. Since July 2006 (15 years) there have been 3 increases in the monthly assessment, this increase will be the 4th.
These are tough decisions that confront the Board of Directors. To ensure the Association has proper funding budgeted increases are periodically needed due to cost of living and inflationary costs of operating the Association. The Board of Directors understands that this increase may create financial hardship for individuals, but it is necessary for the financial solvency of the Association. Major projects will need to be completed at some point (coating streets, painting, roofing work, etc.). Over the years, the Board of Directors have worked hard with Management and Homeowners alike to protect and enhance the property value and aesthetical appeal of Altia making it a fine Community Development to own and live within the City of Corona.
Should you have any questions please contact the Association’s management of Weldon L. Brown Company, thank you.