Does the Housing for Older Persons Act require that all units in a 55+ community be occupied by persons over the age of 55?
Under this law, 80% of the residents must be 55 years of age or older. Community associations may create any type of restrictions or no restrictions regarding occupancy of the remaining 20% of the units. Associations may choose to restrict the 20% to 55 and older or open it up to families with children as long as the 80% requirement is met. Question: Our Association is faced with a major capital improvement expense and we do not have the funds in our reserve account to cover the expense. Should we levy a special assessment or finance the capital improvement? Answer: In increasing numbers, Associations are turning to lenders to finance their capital replacements. By obtaining a loan, the Association will have immediate funds available to do the work, as opposed to collecting special assessments over a period of time. By spreading out the repayment of the loan over a longer term, the Board can implement a slight increase in unit owner common area fees, eliminating the need for large spec
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- Does the Housing for Older Persons Act require that all units in a 55+ community be occupied by persons over the age of 55?
- Does the Fair Housing Acts design and construction requirements require fully accessible units?
- Do the Fair Housing Acts design and construction requirements require fully accessible units?
