Cohousing-L Mailing List: Re: Rental policies?

[Kay Wilson Fisk (caseyjackets]

We are trying to make sure that non-resident owners are only
temporary. The non-resident owners that have not been able to sell
their units qualify for exceptions under Sect. 10.3.4. 

Note that there are two kinds of exceptions under Sect. 10.3.4:

Where, on written application from a resident Owner, the Board
determines that
(1) a hardship exists whereby, due to circumstances beyond the control
of the Owner, that Owner would suffer serious harm by virtue of the
limitations on renting contained in this section, 

(2) and/or where the Board further determines that variance from the
policy or policies contained therein is fairly in keeping with the
purpose to limit investor ownership of Units and would not
detrimentally affect the other Owners or the approval of the
Condominium for secondary mortgage market financing, lender approval
or VA or FHA approval, the Board may, in its discretion, grant an
Owner a waiver of the Rental Ceiling for a temporary period to be
determined by the Board.

This would allow a family to rent a unit while on a sabbatical or for
other similar non-emergency temporary absences IF they made a
convincing case to the Board.

Kay

-----Original Message-----
From: Muriel Kranowski [mailto:murielk [at] vt.edu] 
Sent: Thursday, November 10, 2011 12:39 PM
To: Cohousing-L
Subject: Re: [C-L]_ Rental policies?


Kay, I don't understand the last point in your proposed update that
says only units owned by resident Owner Members may become rental
units.  Is a household that needed to move for a job but hasn't been
able to sell their house considered "resident" owners or not?  Who is
being prohibited from renting out a house by this rule?

     Muriel
     Shadowlake Village

At 03:00 PM 11/10/2011, Kay wrote:
>10.3.5          Resident Owner Restriction.
>In order to protect the cohousing organizational structure of the 
>community, which is dependent upon voluntary participation in
community 
>life, only units owned by resident Owner Members may become rental 
>units. No rental units may be owned by absentee landlords except as 
>permitted under 10.3.3 Grandfather Clause: Pre-existing Rental 
>Exception or 10.3.4 Exception.
>
>Kay
>Meadow Wood Cohousing
>www.mwcondo.com
>
>
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