Community Loan, Assessment, and Renovation Plans
The Windhover Community has been working towards a community loan to fund the full renovation for several years now. This post is to recap what was discussed at the most recent community Town Hall and to detail what is up for a vote and projected as future costs.
Windhover has been approved for a $2.75 Million community loan to fund the full exterior renovation project, which includes new sheathing, building wrap, Hardie siding, paint, gutters, fascia, soffit, exterior lights, and chimney caps. It has a 2 year interest only period during construction, and then it converts to a 10 year fixed term with homeowner payments to the loan of $376/mo. The interest rate is 6.65%, and it can be refinanced later if rates go down. The roofs are not included in the loan.
The community will vote on October 30th 2025 on a special assessment to cover roof replacement. It is a $5,995 special assessment due May 1, 2026. This will cover full roof replacement of all remaining units with a 40 year shingle by Pro Roofing.
On the featured photo for this post, you will see our projected cost handout. To explain that a bit, the board has approved the 2026 and tentatively the projected 2027 dues at $725 per month. In addition to that, there would be the $5,995 special assessment in May 2026. Once the loan converts out of the construction period, tentatively October 2027, the loan assessment payment would be added, and the dues would be decreased. This would leave the owner paying an estimated $474 per month to dues and a fixed $376 per month to the special assessment loan payment for a total cost of $850 per month.
August 7th Update
This is the first of what we plan to be frequent ongoing updates from our Community. These are meant to be quick explanations of what the community and the board are working on.
This week, we are continuing roof replacement on 5 of our 18 buildings. This should be completed by next week. Gutters were cleaned out yesterday, August 6th, and will be done biannually going forward.
The remainder of roofs are planned to be completed during the Windhover Renovation Project projected to start in 2026. The Association has submitted an application for a $3,500,000 loan. This project will include replacing all remaining roofs, new sheathing, building wrap, Hardie Siding, gutters, downspouts, and paint along with several deck and fence replacements. This project is scheduled to be completed over the course of 1 year, and we will release updated information as we continue to work through this.