The CotoBlogzz

LETTERS

 3/02/2009 9:00 AM

All homeowners of Leisure World/Laguna Woods Village  should demand a full scale investigation by HUD per the Regulatory Agreements. Remember there are two(2)
Regulatory Agreements, one (1) between Laguna Hills Mutual No.One (United) and HUD and the other Regulatory Agreement between Golden Rain Foundation (GRF) and HUD.

The Regulatory Agreement between GRF and (HUD) affects every homeowner in Leisure World/ Laguna Woods Village. Item number 5 states:

 ”The Foundation (GRF) SHALL NOT go into Voluntary Liquidation; carry into effect any plan of Reorganization of the Foundation (GRF OR effect ANY CHANGE whatsoever in the CAPITAL STRUCTURE“.

GRF has SOLD common area land and has a Plan to Redevelop Leisure World/Laguna Woods Village and CHANGED the name Laguna World Laguna Hills to Laguna Woods Village thus breaching the Contract between GRF and HUD.

The $95,000,000 budget for 2009 and the PCM  Management Fee increase of $105,000 plus PCM’s Incentive Plan of $450,000 per year is obscene. It is time all Board members step up to the plate, carry out their fiduciary duties and demand HUD have a full scale investigation of this Senior  Citizen Homeowner Association as per the Regulatory Agreements.

Noni and Corkey Eley
2401-2E Via Mariposa West

This entry was posted on Monday, March 2nd, 2009 at 11:05 am and is filed under Misc, Laguna Wood Village, HOA/CID, Politics, Fiduciary Responsibility, Corruption, National, Senior Advocacy, Leisure World/Seal Beach. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.