In what may be yet another sign of the struggling economy, Cinco Ranch is reporting a three-fold increase this year in the number of residents requesting payment plans for association dues.
Community Manager Michael Meagher reported on the number of payments during last week’s meeting of the Cinco Ranch Residential Property Owners Association Board of Directors.
HOA DELINQUENCY REPORT – Cinco Ranch Community Manager Michael Meagher reports on the number of HOA dues delinquencies during last week’s residential property owners association board meeting. He reported delinquencies are on par with last year, but requests for payment plans have tripled.
Meagher said that actual delinquencies have not increased, but requests for payment plans have increased from 40 last year to 120 this year.
“We did see a spike in the number of payment plans,” Meagher told the board. “It’s most probably a reflection of the economy.”
He said past experience has shown that most Cinco residents who set up payment plans honor the arrangement.
“In the past, most people fulfilled the terms of their payment plans. The process is definitely working,” Meagher said.
As of the end of February, Cinco Ranch had $610,949.44 in outstanding HOA dues. That amount represents a delinquency rate of 8.18 percent.
Since the end of February, more people have paid their dues, dropping the delinquency rate to less than five percent. That, Meagher said, was comparable to last year’s rate.
So far, $7,471,680 in homeowners’ dues has been collected for the current year.
Board President Mike Price urged Meagher and his staff to continue to work with residents to collect the fees.
“I just want to make sure we’re doing everything we can to protect our residents’ interests,” Price said.
Letters to those homeowners who remain delinquent in their dues payments will start going out next week.
