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Agent2Agent in Englewood : Real Estate Advice

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Activity 2
Wed Jan 18, 2017
Kenny answered:
Housing for Older Persons Act of 1995 (HOPA).
80/20 means they must have 80% at least 1 person of 55+ living in each residence. The remaining 20% is discretionary and can be zero % under 55. Annually updated By-laws for each community will dictate their allowances. The 20% usually is used as a buffer, allowances for inheritances due to deaths and things like that. If you are renting in one and under 55, the Home Owners Association can tell you to leave, after your lease expires. If an owner is renting to under 55 and then in the future the HOA suddenly doesn't like you, those "Condo Commandos" could find something in their by-laws that can be used for force you out. Other laws may prohibit or delay such actions... get an HOPA Lawyer for more info! ... more
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Sun Nov 11, 2012
Robert McGuire answered:
Leo,

Good answers below. It does depend on the specific rules of the association. Some, probably most are very strict about the 55 year old ownership and residency policy. Some will allow someone under 55 to own it and rent it to someone over 55. There are usually other specific guidelines about relatives who can live there or the amount of time they can spend there with a resident who may or may not have some health concerns. A general answer won't help you here. You will need to speak specifically with your particular association before you proceed with the sale. Best of success.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
... more
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