Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
What is a SSA-Special Service Area
What's an SSA (Special Service Area)?
A Special Service Area (SSA) and a Special Assessment (SA) are two types of financing tools that can affect a community home owner.
An SSA is a way to finance a subdivisions' continuing maintenance costs by allowing the subdivision itself to pay for the costs instead of the Village as a whole or a Homeowner's Association. The amount is added to each property's tax bill and is only for the cost of the maintenance of the subdivisions public service areas such as storm water basins, landscaping, etc. The cost to the individual is much less than a SA, Special Assessment. It is not a fixed amount and cannot be paid off as the maintenance is a continuing cost.
Neighborhoods that will have an SSA established to provide for maintenance of common storm water basin areas or as specified in the original approval of the development plans. Villages usually establish SSA's for new neighborhoods by ordinance. Activation of an SSA will take place after the Village has certainty that the development will be ready in the next calendar year. Once accepted, the Developer/HOA discontinues maintenance and turns it over to the Village. The Village will then ... more
Are you on The Rain? Grow Your Network!