COVID-19 Board Update

April 7, 2020

Dear Valued Client,

As most of you are aware, the Governor has signed several important executive orders since our previous communication.  As we continue to monitor and implement the most up-to-date directives issued by our State and Federal governments related to the COVID 19 pandemic, the following is a summary of those directives along with the additional action RPM has implemented:

Executive Order 20-91 – Implemented a statewide “safer-at-home” mandate restricting all non-essential businesses and travel to cease until April 30, 2020 at which time the order will be re-examined.  

Resource Property Management (RPM) is classified as an “essential business” and as such, we will continue to perform our management duties in accordance with the recommended CDC guidelines.  I am very proud to announce that our staff has been very flexible with their schedules as we navigate working both from home and in our offices on a limited basis.  They appreciate the opportunity to continue to serve our clients and we are very thankful for their dedication to our communities and our company.

Emergency Order 2020-04 from the Department of Business and Professional Regulation delayed the requirement for year-end financial reporting requirements to June 30th 2020. 

RPM is currently completing all year-end cash receipt vs. expenditure reporting for 2019.  We will continue to work with those CPA’s who have been contracted to prepare an audit, review or compilation for our communities.  

Executive Order 20-52 and the Department of State Emergency Order 2020-01 delays the filing of the annual corporate report which provides the State a list of current association Board members until June 30, 2020.  

RPM is currently updating this information for all our clients.

Executive Order 20-94 – The Governor has:

  1. Suspended any statute providing for a mortgage foreclosure cause of action under Florida law for 45 days from the date of the Executive Order 4/2/20, including any extensions. 
  2. Suspended any statute providing for an eviction cause of action under Florida law solely as it relates to non-payment of rent by residential tenants due to COVID 19 emergency for 45 days from the date of the Executive Order 4/2/20, including any extensions. 
  3. Nothing in this Executive Order should be construed as relieving an individual from their obligation to make mortgage payments or rent payments.

RPM continues to monitor homeowner payments and send collection letters as required.  However, in an attempt to lessen the burden on those owners who are experiencing financial difficulty, we will be adding the attached memo to all collection correspondence. We will forward any correspondence received for the Boards’ consideration and will require Board approval for any collection effort which may require legal action. 

The following is a list of financial relief packages issued by both State and Federal governments:

On March 18, 2020 the U.S. Federal Economic Injury Disaster Loan Program was activated. This is a federal program that can provide Small Business Association (SBA) backed loans to small businesses, non-profits, and small agricultural or agricultural enterprises that have been impacted by COVID-19.
 
On March 18, 2020 Florida Governor Ron DeSantis activated the Emergency Bridge Loan Program for small businesses impacted by COVID-19. This loan can provide interest free loans to small businesses and is managed by the Florida Department of Economic Opportunity.

On March 18, 2020 the Department of Housing and Urban Development (HUD) authorized the Federal Housing Administration (FHA) to implement an immediate foreclosure and evictions moratorium for FHA-insured single-family mortgages for 60 days due to the COVID 19 emergency. 

On March 18, 2020 the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions for Enterprise-backed single-family mortgages for at least 60 days due to the COVID 19 emergency. (See Governors Executive Order 20-94)

On March 21, 2020 the IRS extended the deadline to file tax returns due on April 15, 2020 and 1st quarter Form 1040-ES estimated tax payments also due April 15, 2020 to July 15, 2020.  There is no need to file an extension for the July 15th deadline. 

RPM is working with your CPA and has filed all tax returns prepared to date.
 
On March 27, 2020 the federal government signed the C.A.R.E.S Act into law.  The C.A.R.E.S Act has many facets, including relief through the Paycheck Protection Program and provides relief to small businesses who keep employees on their payroll.

Please visit our website for access to all Executive Orders and other important COVID 19 links. We continue to wish all of you good health during this difficult time. 

Sincerely,

Debra Reinhardt, CEO


Dear Homeowner,

If you have received this communication and are currently experiencing difficulty paying your scheduled maintenance fee due to issues related to the COVID 19 pandemic, your board of directors and Resource Property Management want to hear from you.  We realize that many are facing significant financial hardship during this unprecedented time in our history and some may find it difficult to make ends meet.  

If you are struggling to make your association fee payment and need more time to pay, please send your request in writing to accountsreceivable@resourcepropertymgmt.com. We will share this information with the Board and, hopefully, be able to provide a solution. We are taking these steps to help lessen the strain on our homeowners who, by no fault of their own, have found themselves in a difficult financial situation.

We encourage you to stay current with your payments in order to avoid a large balance which could eventually become difficult to manage. In the meantime, please feel free to reach out to us if you need help.

We hope and pray you and family are well.  

Resource Property Management