Cohousing-L Mailing List: Re: Inquiry about Possible Policies on Renters

[Anne Little (solianna]

Quick note: FHA/HUD has restrictions on what percentage of units in a
condominium project can be rented. If the number exceeds that % they may not
make a loan to someone wanting to purchase a unit using an FHA loan. You can
check this on their website.
They also will not make a loan to buyers of condos if the  bylaws include a
Right of First Refusal clause. Hard lesson learned.

Anne Little - JPC Seattle

-----Original Message-----
From: Mary Swenson [mailto:maryswenson [at] bellcoho.com] 
Sent: Thursday, July 30, 2009 8:00 PM
To: cohousing-L [at] cohousing.org
Subject: [C-L]_ Inquiry about Possible Policies on Renters


I am a member of a committee at Bellingham (WA) cohousing gathering  
information about rental policies.  The question for study is whether  
or not Bellingham cohousing wants to consider a policy that places   
limits on the number/percentage of homes that are not occupied by the  
owner and are rented out.    We would be very grateful for any  
information from cohousing communities that have considered this  
question; what the considerations were; and whether or not the  
community adopted a policy or rule.   If you have adopted such a  
policy we would be very grateful to learn  what the policy is and/or  
to get a copy of the policy.

Thanks much for any information anyone can provide.
Mary Swenson
Bellingham Cohousing
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