T YMBER S KAN U PDATE : HOA, S ECTION O NE & T HREE FRANK PAUL - PowerPoint PPT Presentation

T YMBER S KAN U PDATE : HOA, S ECTION O NE & T HREE FRANK PAUL BARBER, COURT APPOINTED RECEIVER

Monthly Income vs. Fixed Costs Combined average income per month: $9,500 Expenses: ◦ O.U.C. Repayment: $1,000 (Sec 1) + $1,000 (Sec 3) = $2,000 ◦ O.U.C. Delta: $1,500 (Sec 1) + $2,300 (Sec 3) = $3,800 ◦ Trash collection: $3,600 $9,500 - $9,400 = $100 for all other expenses Doesn’t allow for: ◦ Onsite management ◦ Maintenance staff and supplies TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Seizing Units 127 delinquent units seized 140 ◦ September: 20 120 ◦ October: 39 (59 total) 100 ◦ November: 68 (127 total) 80 60 40 20 0 September October November TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Seizing Units 127 delinquent units seized ◦ September: 20 Section Three ◦ October: 39 (59 total) ◦ November: 68 (127 total) By Section Section ◦ Section One: 47 One ◦ Section Three: 80 TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Sequestering Rents 127 units seized No Income 108 19 with rental income 108 without rents received 15% of seized units Income 19 TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Receiver’s Progress: Sequestering Rents Out of 127 seized units: 140 ◦ 62 on O.U.C. Power Pass 120 Program 100 ◦ 19 with rental income 80 ◦ 43 units not paying Association 60 ◦ Therefore, 43 possible 40 evictions 20 0 Total Power Pass Paid Not Paying TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.

Evictions & Plan of Action Importance Results in: ◦ Forces payment to Association Fewer evictions ◦ Displays Association’s (Receiver’s) Fewer expenses power ◦ Control over units Increased sustainability Start with limited evictions Remaining tenants pay Association not owners TYMBER SKAN OTL HOMEOWNERS' ASSOCIATION, INC.