Private development aka common interest community "CIC" Think developer, local, state and federal authorities in what amounts to a ponzie scheme.
Take LAND/homes that are owned fee simple btw trash, recycling, snowplowing and maintenance of green area, lights and streets is being supplied by local GOV.
So let's seize it and then make the whole area over in some kind of CIC (condos. townhomes,single families in a master association.
The real judo is that this community will have an annual assessment based upon a budget to carry out all the activities that the local city used to provide and still pay taxes.
Ok it gets better---This community is a non stock private company and must hire out all of the services that were supplied by the local authorities previously.
What is the biggest problem facing these planned communities. If people are not paying their mortgage they are not paying these assessments.
This is the biggest reasons why NOone is taking property back. Once they do -assessments, special assessments and reserve funds become due FYI Current requirements state that no more then 10 percent of unit owners can be late.
Fannie, Freddy, HUD, the VA and every other underwriter in a CIC knows that the community is dead broke
Funny! Not really!! if anyone else conspired to conceal losses in a company let alone one that has public dollars and all the while selling it off to some dupe when will someone take notice.
http://stateofcommunities.org
Read the Article at HuffingtonPost
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