Crofton Place Homes Association

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					                              Crofton Place Homes Association
                                       Board Meeting
                                     February 20th, 2010
Start Time: 09:00 AM
End Time: 11:00 AM
Attendance: Chen & Don. Max & Iouri absent.

Discussed the following items:

   Number of Units Current in HOA Fees – Chen reported that we have a total of 39 Units that are current
   in their Homeowners Association Fees.

   January 2010 Court Appearances – CPHA’s collections attorney had scheduled 9 Unit Owners to take to
   court regarding their delinquency to the Homeowners Association. The bottom line is that CPHA either
   was able to have the debt satisfied prior to the court hearing, or the Unit has had a judgment placed
   against the Unit, in favor of Crofton Place.

   FHA Rules & Regulations – Chen obtained the detailed Rules & Regulations that FHA Mortgages require
   in order to issue an approved mortgage. FHA requires that Condominiums / Homeowners Associations
   have no more than a 15% Delinquency of more than 30 Days. This is where Crofton Place fails to legally
   qualify for FHA Mortgages, due to the fact that the “Over 30 Day Delinquency” is much greater that 15%.

   Banking Institution Change – CPHA will relocate its banking operations from PNC Bank to Firstrust
   Bank. The savings to the Association will be approximately $300.00 per year. The savings come from a
   reduction in Service fees.

   Special Meeting for Homeowners Current in HOA Fees, Fines, etc. – Notification was sent to the Unit
   Owners who owe nothing to the Association. Chen reports that the response has been good, and we are
   expecting a good turn-out. As we mentioned at the Annual Meeting in December, this meeting will be for
   the those Unit Owners who are current in their financial obligations to the HOA, so that we can “brain
   storm” ideas as to how the community can become more financially solvent, and overcome the plight that
   the delinquent Unit Owners seem to keep the Association in; the hope is that some new ideas, thoughts
   and suggestions will provide the assistance that is needed. Location is still to be determined once we get a
   fuller response. In addition, CPHA is still looking for a few people to join the Board of Directors. The
   commitment only requires attendance at a monthly meeting, one Saturday a month, from 09:30 AM to no
   later than 11:30 AM.

   Tree Branch Removal – The last severe snow storm in February caused some significant damage to very
   large limbs of trees. Unit 13011 was especially affected. Chen had a team out during the storm to remove
   the dangerous hanging branches. During the Spring season, a walk-through will be done to assess the
   trees and their potential removal if they were severely damaged during this stormy season.

   Insurance Policy – The Master Insurance Policy is up for renewal, and payment is due this March. The
   Insurance Company has imposed a slight increase to CPHA’s account. The policy will cost the Association
   approximately $30,000.00 this year.

   Delinquent Homeowner’s List – Chen reports that a few homeowners have requested a copy of the
   Delinquency List for our community. As members of the Homeowners Association, Unit Owners are
   entitled to the list. However, prior to receiving the List, the Requesting Homeowner must sign a Non-
   Disclosure Agreement, since the list contains Names, Addresses and Dollar Amounts owed to the
   Homeowners Association. The reason for the Non-Disclosure Agreement is that no homeowner may
   publish, circulated or divulge this information to others.
Storm Water Billing – As many homeowners’ know, the City of Philadelphia plans an increase for the
Water Bills. To find out more information regarding the future charges, the Water Department is holding an
informational meeting.

Date:      Thursday, February 25th, 06:00 PM to 08:00 PM

Location: Holy Family University
          9801 Frankford Avenue
          Philadelphia, PA 19114
          Campus Center – Conference Room 115

Register for attendance by e-mail to:

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