55+law?

Started by LaverneB • 3 replies • 1244 views

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LaverneB (Florida)
Posts: 129

Posted:

I live in a 55+ community but alot of investors under 55 have been buying and renting them. I ask this before but forgot the laws on this. We want it to read 55 to even BUY a home. As it reads now anyone can buy a home. Not good.I live in Florida. How do we change the docs to read this? Do we need a lawyer? Can we a sboard do this or the community has to vote on this change? Thanks all.......

DonnaS (Tennessee)
Posts: 5,671

Posted:

Laverne,
I too own a rental unit in a 55+ community so I have been thru this discussion before with our Board. I am past 55 years old so age is not a personal issue with me. This association went thru it's 3rd attempt to ban all rentals and it failed again but not by much. So I suggested(as I am Docs Chairperson) that we find a creative way to prevent the "Flippers" or investors who grab up the units and then rent and run.

To you question--can you not allow anyone from purchasing who is not 55 years old? We thought down the road from today. Because this is an age restricted community, almost all of the owners are past retirement age. Many are getting too old to stay in their units and some need to move on. BUT!!! what if they want to leave their kids, the units , to keep for income or possible living there down the road? What if the kids are 50 or 53? Then they cannot inherit the home? This bacame a very sore spot with many of the owners who's families have stated a desire to keep the homes. rent them out until they retire and then move in.

So, off to the drawing board we went and came up with an idea to prevent flippers from doing what they do. We require that NO UNIT may be rented out until after ownership has accrued to two (2) consecutive years of a single ownership. All renters after that must be 55+ years old and will only be allowed to sign 1 year leases. This one passed 198 to 32 against. It made everyone happy.

So, I am assuming that you do not want renters. That may come back to bite you some day and there are alternatives to a complete ban. But if you are serious about the change to only 55+ owners, please check with an Attorney as there may be some Federal law because of your Federal 55+ assignment.

BrianB (California)
Posts: 2,820

Posted:

I admit i am not up to speed on the age discrimination thing of 55+ communities, so perhaps Laverne can expand a bit on her situation, so I can understand it better.

You currently live in a community with some form of 55+ requirements, correct? Some percentage of the people living there must be 55 or older, right? And you would like to change that to where a percentage (up to 100%) of the people who OWN homes have to be 55?

would you still keep the "living there" percentage the same? Because without that, i could see suddenly requiring everyone be 55 to buy a home, but then they could rent to a bunch of 18 year olds... your "buying" restrictions are intact, but your community isn't.

Secondly, I am not sure i understand what difference it makes how old the buyer is, if you have a "living" restriction set... does the age of the landlord matter somehow, if a 60 year old is living in the home?

or am i reading this all wrong?

SusanW1 (Michigan)
Posts: 5,202

Posted:

There has been much discussion on this topic. Up in the right hand corner, see the word SEARCH. Click on it and enter "55 and over communities"

There are Federal Laws that need to be reviewed before any decisions can be implemented by your association.

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