Laguna Woods Mutual Fifty Corporation (Towers at Laguna Woods Village) is a condominium comprised of two 14-story, high-rise buildings with 311 residency units. Amenities include meal and housekeeping services, as well as use of all the community's facilities.
A condominium resident owns the actual structure of the dwelling unit plus an undivided interest in the common areas. These owners pay monthly assessments for maintenance and management of the common area. The assessment fee is determined by an elected board of directors. The monthly assessments are payable to Golden Rain Foundation, and are collected from the members by Professional Community Management Inc. (PCM). Condominium owners are responsible for the mortgage payments and taxes on their individual units.
The condominium mutual does not own any real property. Each member of the mutual owns a specific dwelling unit and an undivided interest in the common areas. The condominium mutual has certain responsibilities that include maintenance and management of the common areas.
A board of directors elected by its members governs each mutual. Each of the mutual corporations contributes a portion of its funds to the Golden Rain Foundation of Laguna Woods for maintaining community facilities, which are held in trust for their benefit by GRF under a trust agreement.
Mutual Board Members serve three-year over-lapping terms as non-paid volunteers. Board Members are elected by majority vote cast by members of the respective Mutual Housing Corporations. Approximately one-third of the Board positions are filled by annual elections.
Towers at Laguna Woods Village
24055 Paseo Del Lago
Laguna Woods, CA 92637