Over 55 community

Florida has so many laws about this. I am President of my HOA and alot of investors are buying the homes and renting them. The home ownwer is not 55 but the renters are. I am concerned because if a certain percentage of home owners are under we will loose our quailfication.Any anfo on this would be helpful. We are thinking about changing the by-lawas so that no can buy unless they are 55.......

Yes it is a 55+ single family homes since 1979.

Laverne and Gerald,

The Federal government allows 20% of 55 year+ communities to be occupied by people who are under the age of 55 to keep your Housing for Seniors status . The only way that you can avoid the ownership of the younger age buyers is to clearly state that NO members may be under the 55 year requirement. This is legal and will need to be amended to your Protective Covs, Articles of Inc and your ByLaws. But until then, unless you have an age requirement, you cannot stop this until you amend your CC&Rs.

Jim,

You are correct that an association can determine the percentage of 55+ ownership, it is just that according to the Feds, 20% of under 55 ownership is the top limit for keeping the "housing for Seniors qualification. Any number over 20%, you will lose your senior exemption classification.

I agree that 100% is the way to go. It saves problems from arising when you get too much of a mixed age community.

DJ,
I own a property in a 55+ community and I have to tell you, there is a waiting list for these villas to go on sale because of the no one under 55 rule. Bad market or not, the "BOOMERS" are now retiring and many want to live a more quiet life so resale limitations on the age requirement is not an issue.

I agree this is the way to go. We are looking into changing our docs to read 55+ to buy, or live here.The way they read now, you can but a home but can not live in the home. So, in , comes the renters.If I as Pres. this year I want to accomplish this.We used to have the waiting list also, but no more, and the home values went down big time......

Just observing that the more restrictions there are the more you narrow down the buying market.

It can equally be said that within a particular group, once you've attracted them, ie over 55, they may pay a premium...you just have to attract em.

That's the way life goes Brian.

Brian that is why in the good old USA we have laws. It goes for any number. Say the speed limits. Who and what determines it? Why is it 50 and not 51? Some where there has to a line.Like anything use common sense.

BrianB - I agree with you in that a difference of 5-6 days, or a couple hours does not make a candidate less or more qualified in theory. An analogy of 55 over/55 under communities to speeding would be interesting. The extent of damage of a car accident is caused primarily by the speed differential. Similarly the extent of friction between 55 over and 55 under residents can be increased if the percentage of 55 under is greater, in other words a greater differential. The Feds have decided that 20% is an acceptable max of those that are under 55 to reside in a 55 or older community. I guess the Feds don't consider there to be any differential between someone 55 years old and someone that is 70 years old.

To characterize 55 plus communities as being discriminatory, to me, is incorrect. There are plenty of property regimes, and places for people to live that don't meet the requirements.

Brian,
The only thing different about this is that the FEDERAL GOVERNMENT set up the rules and allows this. So HA! to that theory

I live in an over 55 community we are very strict on that rule, and you no the deal before buying. You must show proof and get it notorized and that goes for both husband and wife. Should you decide to rent the renters must be over 55 and show proof.
We had a situation of an owner that housed her daughter and her 2 children under 55. The community took her to court which the owner was responsible for lawyers fees (some 8,000+).Children have finially moved out, and the owner will probably sell after the stuff she had to go through but again the community is 55 or over and no guest are supposed to stay under the age requirement for long periods.(these houses do stay on the market for a long time.