Cohousing-L Mailing List: Re: Limits on rentals with or without absentee landlords

[Ross Andrew Simons (rasimons1]

Very interesting.

Do you think walk-out basement / in-law style apartments would be a way of
getting around that?

Two of our tenets are “mixed income affordability” and “multigenerational
diversity”, and walkout basement rental units within owner-occupied homes
feels like a good way to achieve both. Rental helps offset the cost of
ownership for lower- to middle-income members, while also bringing in
residents who aren’t at the place in life to be able to buy.

Would renting out a basement apartment count as a separate dwelling or
could it feasibly fall under renting a room within an owner occupied home?

On Thu, Jul 6, 2023 at 2:37 PM Kathryn McCamant <
kmccamant [at] cohousing-solutions.com> wrote:

> Yes, you can not get the best mortgage rates if there are more than 50%
> rentals in an HOA, per Fannie Mae. I have heard of communities that had a
> harder time getting the most competitive mortgage rates when they hit 25%
> rentals. New California law requires all condo developments to allow up to
> 25% rentals….so there you go! The magic number is no more than 25%
> non-Owner occupied homes in your community. This has no impact on renting
> rooms within an owner occupied homes.
>
> Katie
> --
> Kathryn McCamant, President
> CoHousing Solutions
> Nevada City, CA 95959
> T.530.478.1970  C.916.798.4755
> www.cohousing-solutions.com
>
> From: cohousing-l <cohousing-l-bounces+kmccamant=
> cohousing-solutions.com [at] cohousing.org> on behalf of Sophie Rubin <
> yophiest [at] gmail.com>
> Reply-To: Cohousing-L <cohousing-l [at] cohousing.org>
> Date: Monday, July 3, 2023 at 9:50 AM
> To: Cohousing-L <cohousing-l [at] cohousing.org>
> Cc: Bonnie Fergusson <fergyb2 [at] yahoo.com>
> Subject: Re: [C-L]_ Limits on rentals with or without absentee landlords
>
> Yeah after doing a bit of research it looks like it can be hard for buyers
> to get a mortgage if more than 50% of the complex is rentals, or if more
> than 10% of units are owned by the same person/entity.
>
> This leads me to think a subdivision structure would be better - more
> security for buyers and less weird red tape for the rental LLC. Of course
> getting subdivisions approved is it’s own can of worms.
>
> Anyone’s cohousing structures as a subdivision instead of a condominium
> association?
>
>
>
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Ross Andrew Simons

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(617) 824-0117
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