sectiob 8

Started by JamesW1 • 3 replies • 1310 views

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JamesW1 (North Carolina)
Posts: 1

Posted:

We are having a lot of problems with section 8 renters in our community.
Is there anything we can do to control the amount of units being rented to section 8 renters. ( 185 unit complex )
JamesW1

JM2 (Oregon)
Posts: 439

Posted:

Hi James:

You will probably need to talk with the HOA's lawyer. I'm not sure if you can limit Section 8 rentals in particular, but you should be able to restrict the overall percentage of rentals to protect the ability to get Fannie Mae/Freddie Mac financing. Your lawyer may recommend an amendment to the CC&R's rather than doing this by resolution.

J. Patrick Moore, CMCA

SidneyP (Florida)
Posts: 302

Posted:

How would you go about finding out if you have any section 8 rentals in your community?...Also, I know we have more than 50% rentals in our subdivision, how does Fannie Mae/Freddie Mac get this information?

RobertR1 (South Carolina)
Posts: 5,164

Posted:

To Sydney,
If you KNOW you have over 50% rentals and your management is providing false information to lenders, the first thing you might do is check online at your county courthouse and see what kind of mortgages your owners are carrying. From what I read it is not uncommon that buyers and present owners might obtain mortgages at prime rates by attaching a Second Home Rider to their mortgage. When that is approved they start renting their units but supposedly the management isn't aware of this or ignores the fact. A real and growing problem for all condos and other places. Check condo news sites in California, Reno, Florida, Myrtle Beach and other places. Check this site out:

Jan Bergemann, President
Cyber Citizens For Justice, Inc.
http://www.ccfj.net/

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