Williamsburg Settlement 2024 Assessments

December 14 2023

Williamsburg Settlement Maintenance Association

November 6, 2023

Dear Williamsburg Settlement Homeowners:

At its September 19, 2023 meeting your Board of Directors finalized the 2024 Williamsburg Settlement Maintenance Association budget. After review and discussion, the decision was made to hold the assessment for 2024 at its present value of $750.00 per home.

A detailed breakdown of the 2024 budget showing each cost and income category is posted on the WSMA website at https://www.wsmaonline.org/Budget2024.html

We hope those who are not able to pay their assessments in full by the due date will take advantage of the alternate payment options available. These are designed to help residents stay in good financial standing and to minimize the delinquencies and legal fees.

Should a homeowner experience difficulty making a one-time payment for their 2024 assessment, Crest Management Co. (Crest), our management agent, is able to work with homeowners to prepare a payment plan. This option is available to all who have fully paid their 2023 fees, although the Board reserves the right to not approve a payment plan for those who have defaulted in the last 2 years. Please see our “Collection Policy” as shown on our WSMA website under Governing Documents http//www.wsmaonline.org

The cost of using a payment plan is $50.00 for every 3 months. There is also a 10% interest charge on the homeowner’s unpaid assessment balance if not paid in full by January 31. A payment plan, while more expensive than the annual single payment, is a far less expensive approach than not paying the fee at all. Unfortunately, not paying promptly forces the Association to seek collection help from an attorney which leads to legal repercussions and increased costs to both you and the Association. These costs accumulate very quickly and often exceed the original fee by many multiples. Anyone who would like to use the payment plan option should contact Crest at 281-579-0761 in January.

Payment plans require an up-front payment of about 10% of total due and monthly payments thereafter due on or before the 15^th of each month. There are no quarterly or delayed payment plans authorized. You must sign and return the payment plan for it to be activated.

A resident who has special circumstances can always seek a hearing with the Board, and we advise anyone wanting to take advantage of this option to do so early before fees and interest are applied. If you are serving on active military duty you may have special rights or relief related to this enforcement action under federal law, including the Service Members Civil Relief Act (50 U.S.C. App Section 501 Et. Seq.).

We must stress that the functioning of our subdivision is totally dependent on maintenance fees. If these fees are not received by the specified dates the Board is compelled to take action to encourage compliance. In addition to legal action, homeowners with delinquent accounts will be subject to suspension of their trash and recycling services and loss of pool and clubhouse privileges. Once suspended, trash and recycle services may take from 10 to 14 days to resume after receiving your payment. We strongly encourage you to pay in full or set up a payment plan no later than January 31 to avoid additional charges.

Thank you,

Your Board of Directors

Collection Administrative Costs (for Accounts not paid in full by January 31)

Collection Reminder Notices: $25.00 each

Payment Plan: $50.00 for every 3 months

Collection Certified Letter (Demand Letter): $50.00 each

Attorney Accounts Preparation Fee (Payable when Account is referred to the attorney for collection): $50.00 one-time charge

Interest: 10% Annual

Accounting Contact: Crest Management Company

P.O. Box 219320, Houston, TX 77218-9320 or

17171 Park Row, Suite 310, Houston, TX 77084

Laura– Laura@crest-management.com