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About CDD's: Part 1 - What is a Community Development District?
"CDD" stands for Community Development District. It is a local, special purpose government and was designed as an alternative method for a developer to finance infrastructure or amenities needed to develop a community. CDD's possess several powers as a legal entity, such as the right to enter into contracts; the right to own both real and personal property; adopt by-laws, rules and regulations and to issue bonds and levy assessments. In the case of many Active Adult Communities, the CDD was used by the developer to issue bonds to fund the construction of amenities such as a clubhouse, spa, pool or restaurant. This way, the developer avoided paying for construction of the amenities from its own resources. The bond debt is repaid over time by the community’s residents and/or lot owners through a fee added to the local tax bill. These taxes and assessments are in addition to county and other local governmental taxes and assessments and all other taxes and assessment provided for by law. Because many prospective homeowners have found the concept of a CDD somewhat confusing, some refer to these assessments as a “hidden fee”. Understanding the true cost of homeownership is critical to making an informed buying decision. At Pringle NONE of our communities have been funded by CDDs. Read on to two part two, "What does a CDD cost me?" Brought to you by Pringle Homebuilding Group - The Best Builder of Florida Retirement Communities |
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