![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaHla9syFF8gFqbYWAs0PJEUmbcbDimcEpYLamO6R4nkgzFCUii1jXaqgWzUoYhPfjumOWlvSpAVDB_efwsBh_fE87WZKDau1CIcdRig8CmGMGatQId-oiGtQyTtqqg_RKVkSoaAUnZm8/s200/metropolis-building.jpg)
Although not every single loan is directly tied to FHA/HUD, 90%
of all loans are impacted. Other lenders need to be able to sell their
loans on the secondary market, which can’t be done unless they conform to
FHA/HUD demands. So unless you want cash-only home sales (i.e. slum lord
investor owners) dominating your community, you should look to amending your
leasing language.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_AvEHhU16Qbt-MmVu_6_eanyltMjXkP-axIOgIGKqTTrOkAmzQtxishhdsC9u7Y5IQgHiHxp3k8iH64CzWuQUVwA1N-3ZKEoPA1V7CWWiak8e1OMOGWSf8tOoeEwDCgVi6JRmhZrbc4Y/s200/Wres.jpg)
HUD also clarified that the Association can:
- Restrict total number/percentage of units that can be rented
- Maintain a hardship exception
- Require the landlord to provide a copy of the lease
- Require that the lease be on a specific form
- Set minimum and maximum lease periods
- Require that the lease conforms to the Declaration
- Require the landlord to check the Registered Sex Offenders list
- Require rent to be assigned to Association if the unit owner is delinquent
- Provide corporate leasing restrictions
The
Association cannot:
- Ban all leasing, except in age-restricted and affordable housing communities
- Require the owner to live in the unit for X amount of years before being allowed to lease
- Restrict leasing by delinquent owners
- Require tenant interviews with the Board
- Require credit references
- Require criminal background checks (except for the Registered Sex Offenders list)
- Be granted automatic power of attorney
- Have the power to void leases
- Allow short-term leasing
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-NZu66UUek9KV0GUpJMtjftqcdXbKTXhYb0GrmP7aEQol_TC8mQqNnvcaSmW0-cOFX5gJtfMq60ygegPzR1PhRSWzSNjva-4ujAo840Orbdt8NrDfJ1uJnSlQr4REaiV3AnRKL0e8aGc/s200/atlantic-atlanta4.jpg)
As
always, consult with the Association’s attorney before acting upon the above
information.
Hey enormous stuff or pleasant information you are offering here.
ReplyDeleteSF brand agencies