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ChandlerW (Florida)
Posts: 3
Posted:
I am a homeowner that lives in a new subdivision in northwest florida. We just got a tax assesment on our house which include a fee from our subdivision that I am told is part of the Community Development distric bond. The fee is rather high 1500.00 Dollars. It is placed under the non-valorem assesment part of the notice. This fee along with our $3380.00 municipal taxes are hard to swallow.

I am in the process to understand these fees further on my own time.
My question is this. I was not informed about these bonds fees etc when we bought into hte subdivision. I did not receive our covenants and restrictions from the seller/builder. I did not sign off on anything that I recall.Does any one think that I am legally entitled to legally pursue the builder developer? CAn anyone explain these fees in lamans terms and now whati should expect in the future?
THanks
NancyD1 (Florida)
Posts: 447
Posted:
Chandler,

When you bought the home you should have received the CC&R's and any other pertinent information regarding the development. I am sure in the tangle of closing documents you signed off on these papers. You may not have seen them but it is your obligation to request the actual documents.

The bond is probably a Section 108 bond. The developer approaches the city with a proposal to develop a parcel for the infrastructure of the land, the city sets up a community development bond. These bonds are approved for economic developement. HUD backs these loans for the state, city or developer and the city may add a small percentage to the interest rate for handling. The developer will pledge the land as collateral.

You have to find out about the actual bond. The terms of the loan are typically 20 years. It may be a one time assessment and it may not be a Section 108 bond.

You do not have any legal recourse. The onus falls on you because you should have requested these documents at the closing.

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