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.