Post by Admin on Mar 30, 2014 13:20:55 GMT -5
“55 And Over” Restrictions Usually Aimed At Occupancy, Not Ownership
By Joseph Adams on March 20th, 2014 Posted in Discrimination/Fair Housing, Housing for Older Persons (55 and Over), Reader Q&A
Question: I own a unit in a “55 and over” community. I want to sell my property to an investor, who is under age 55, but will not become a resident (he plans to rent it out and has stated that he will rent it to an age-qualifying resident). The board wants to reject the purchase. Does the board have this right? S.G. (via e-mail)
Answer: The Fair Housing Amendments Act, which deals with “55 and over” housing, requires that eighty percent of the occupied units in the community be occupied by at least one person who is age 55 years of age or older. The law does not regulate who owns the property, only occupancy.
I have seen many situations where a person under age 55 may buy a unit that is intended to be occupied by an age-qualifying resident, such as an adult under age 55 buying property for use by an elderly parent.
Most governing documents do not regulate the age of the buyer, only how an owner can use the property. However, if the applicable governing document requires that purchasers be age 55 or older (whether they plan to reside in the unit or not), the clause is probably enforceable.