Hillview condo owners are being forced to pay an extra fee earlier than expected which could leave many more bankrupt.
The Hillview Park Corporation has requested each to pay between $65,000 and $75,000 by the end of the month to cover an assessment that’s over $14 million previously approved by a judge.
It’s no surprise owners were asked to pay it back, it’s the timing which is causing many problems.
“We were told that we would be back home before any of that payment would be starting, I can’t even rent my unit now to offset some of that cost,” said Sheila Champion, homeowner.
Owners can sign up for a payment plan, however, it’s expected to start immediately.
Champion says they were originally told they would be moving in at the end of March. The reopening has since been pushed back to the fall.
This is the third assessment owners have been asked to pay. This is costing some over $100,000 while others will have to pay around $120,000.
They’ve also been told this would be the last payment, however, some are worried this may not be true.
“We’ve been told that this was it many times, so we have zero trust, zero faith,” added Champion.
Though the exact number isn’t known, many homeowners have had to file for bankruptcy. One of those is Beck Benoit who says the amount of fees forced her family to go through their life savings and children’s education fund.
She believes this latest assessment will be the final straw.
“What happens when the properties don’t sell or can’t sell, the financial health of the Hillview Corporation is dire right now – they can’t make their loan payments to this construction company we’ve gotten into bed with.”
The value for these condos has also dropped to under $200,000. If people buy these condos, they would be responsible for these additional fees.
Mix News reached out to the Hillview Park Corporation, however, we didn’t receive a response.