The TOTCA Board of Directors is exploring methods of replacing and upgrading our aged and failing water and wastewater systems, along with various sources of funding and financing for these projects. For several years, homeowners have been saving funds for these projects via the standard methods HOAs typically use to fund common area maintenance, repair, and replacements costs – namely, with a portion of our regular monthly assessments and some one-time special assessments going into our community’s Utility Reserve Fund.
The Board and Committees are exploring alternate financing options and other methods for completing these projects. Each has pros and cons and its own application processes and procedures. All options will be subjected to fiscal and legal analyses. Any formal actions or decisions will require a vote by the HOA membership.
(Info is in process.)
- Commercial HOA Bank Loan
- County Improvement District Bond (LA County Dept. of Public Works)
- Enhance Infrastructure Finance District (EIFD) (http://www.eifdistricts.com/)
- Private Investment Bank Bond
- USDA Rural Development Water & Waste Disposal Loan