We need your help
Riverwalk Homeowners Association, Inc.
c/o HDV Management Services
957 NASA Rd 1, PMB 237
Houston, TX 77058
281-538-9327 Office 281-538-9376 Fax
hdvmanagement@comcast.net E-mail
September 10, 2007
Dear Riverwalk Homeowner,
Riverwalk Homeowner’s Association, Inc. needs your help. We have found ourselves to be in serious financial difficulty due to some homeowner’s not paying their dues. At this time we do not have enough funds in our account to pay for just landscaping through the end of the year. We currently are owed over $6,000.00 in past due assessments. We have made many efforts to collect this money but have received little cooperation. We are now going to be forced to foreclose the lien on these homes, as is our right per our declarations.
In order to do this, however, we need to hire an attorney. Since our funds are so limited we have found it necessary to apply a special assessment to each home in the subdivision in the amount of $50.00. This money will be used to pay our bills through the end of the year as well as for the legal fees associated with foreclosing on the homes. All legal fees will be collected back from the delinquent owner. Attached to this letter you will find an invoice for the $50.00 assessment. We do not feel it is fair for the upstanding residents in our community to pay their annual dues and for others not to. It has come time that we must use legal means of collecting these debts.
In addition, we would like to address our current annual assessment rate of $140.00. This amount allows us only to pay the bills every year and nothing else. Our landscaping and maintenance of the retention areas currently uses up over seventy-five percent of our annual budget. We have no additional funds to put into a reserve account, which would certainly be helpful at this time. We have discontinued Yard of the Month, our annual National Night Out gathering in the park and the newsletter in order to cut down on expenses. We would like to propose to raise the annual assessment fee to $175.00 per year. This amount will allow us to put money into reserves for future emergency situations as well as keep our budget on track. We cannot raise the fees without a two-thirds majority vote of the membership. You can expect the members of your elected board of directors to be visiting you over the next few weeks to discuss the increase. We really need to do this if we are going to keep a working association.
On another note, we would like to take this opportunity to update you on a few other items:
Deed Restrictions – Again, due to lack of funds we have been unable to legally prosecute those homeowners in continual violation of the deed restrictions. Our management company is currently working on a Fining Resolution for the Board of Directors to formally adopt and file with the County Clerk’s Office. This will be an addendum to our by-laws and will be mailed out to all homeowners when complete. It will allow us to assess daily fines to those in violation in order to obtain compliance. We are doing this because we want to keep our community looking it’s best and our property values up!
Webpage – Board member Danny Frank has volunteered to donate a webpage to the association. It will be an area to post comments, concerns and inquiries as well as obtain valuable information. We will keep you posted as this comes along.
Directory – We would like to have a working directory of the membership. When you forward your special assessment fee, please take a moment to fill in the included information form with your Name, Address, Phone number, E-mail address and Occupation and return it with your payment. This will help us in keeping everyone updated on what’s going in the community as well as having information on hand in case of an emergency.
If you have any questions regarding the information provided in this letter, please contact Darlene Villarreal with HDV Management Services. We appreciate your help and cooperation in our strive to keep our association in place. Thank you!
Sincerely,
Your Riverwalk H.O.A. Board of Directors