Dear Lofts at 30th Owners,
Your HOA Board of Directors has been working hand in hand with David Floyd & Associates, Inc. to ensure proper management of the Lofts at 30th building. We have taken a number of steps to try to work within the original budget set prior to control of the Association being turned over to the homeowners. Some of these efforts include obtaining a significantly less expensive master insurance policy (with the same level of coverage) and performing volunteer landscaping work. Unfortunately, it has recently become clear that the initial budget estimates used to determine the HOA fees are not adequate to properly maintain our building.
In order to resolve the current budget deficit and properly maintain the building, it has been determined that a 25% increase in monthly HOA fee is required, and this increase will take effect September 1, 2023. The HOA does not take this action lightly and has exhausted all avenues in an attempt to avoid the need for the increase, but it was ultimately deemed to be in the HOA’s best interest for long-term viability of the building.
The new average monthly HOA fee will be $183.51. This is still significantly lower than HOA fees of other similar short-term rental communities in Nashville, but your HOA Board of Directors believes that this is a step in the right direction and will help ensure that the HOA can meet its financial obligations in the months to come.
If you pay your monthly HOA fees online at dfa1.cincwebaxis.com or via mailed check, please be sure to pay the new amount beginning in September. If you are currently on auto-draft through David Floyd & Associates, Inc., the increase will occur automatically, and no action is required on your part.
Thank you for your understanding and support.
Regards,
Lofts at 30th HOA