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 Posted by marymarvel@aol.com - Builder Is Taking Back Cdd Money :
In my Florida community, the builder has voted himself most of the CDD money in the coffers. He would be taking $941,000 from $1,200,000, and give about $20,000 back to early residents. The board that voted this money to themselves, has 3 out of 5 members as Pulte employees.
I believe there is a statute that makes this illegal.
The builder insists it is legal without offering proof.
The money was collected over 6 years, and each year, a large portion was not used. It started with 480,000 when the market downturn happened, and lower overages after that until it became $1,200,000. The builder is still building the community, but the end of this year would see more homeowners on the board. The money obviously would be gone before this happens. Is his move legal? Should we sue?
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Guest Says:
You should talk to a lawyer on this, the lawyer will meet with you free of charge to go over it. Seriously that sounds corrupt and the lawyer could at least tell you if they are corrupt or not and take action against them if necessary. That really sounds like something isnt right.
I personally would never even consider buying a house that has CDD fees include on it, no way.
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Builder Is Taking Back Cdd Money