Builder Is Taking Back Cdd Money


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  Posted by Guest - Builder Is Taking Back Cdd Money :
The builder wants to take back CDD monies to himself and a small portion of owners who were present during 6 years. meaning a portion of CDD fees not for the bond, but fees, was not used at all, and kept accruing up to 1,200,000 over 6 years.
The builder would get the lion's share of the money, about $941,000.  The management board, which is a majority of the builder's reps, voted themselves the money, which I believe is illegal, since their employers benefit from the vote.

Can a builder legally take back CDD money?  It leaves the complex with very little money in the CDD coffers.

Guest Says:
I think this question has to go to a lawyer.  Sounds crooked.


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