Real Estate Law
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This is a situation that would be that would be completely controlled by your Bylaws and CCRs as to what any applicable fine would be for a violation of the deadline to complete construction of the property. These types of fines typically range from $25 up to $200 a day and accrue over time on a daily basis.
As for when the when the Association could take legal action against the homeowner with regard to the fines, that should also be stated in your Bylaws. If it is not then it is entirely up to the HOA as to when to contact an attorney to file a lien and begin any foreclosure process on the property. Since hiring an attorney generally costs several thousand dollars most Associations will wait until the debt is at least as much as it would cost to hire an attorney before they begin legal action to lien and foreclose.
So all of the specific details about what you can specific details about what you can charge them and when you can take formal legal action should be contained in your Bylaws so you would need to get a copy of them and research them to see what they say about and when an owner defaults on the construction deadline and what your recourse is.