Wednesday, May 15, 2013
A QUESTION ON THE UNDER-55 RULE
. . . many 55-plus communities have an “80/20 rule” that allows 20 percent of the residents to be under 55. But Friedman said those rules are in place to allow the unit owner to have a spouse or roommate under 55 and not to allow an entire house or unit of under-55 residents.
My copy of the 1999 Model Documents, Exhibit to Amendment to the Declaration and By-Laws (dated January 14, 2001) for our condo association, however, says the following:
“It shall be required as of the effective date of this amendment that at least eighty (80) percent of the units must be occupied by at least ONE (1) [my emphasis] person fifty-five (55) years of age or older per unit.”
Which is right? Is a person under 55 living with a person 55 or over considered part of the allowable 20 percent, as Mr. Friedman would seem to say, or does the 20 percent include only a person in a unit with NO ONE 55 or over in residence, as the quoted Amendment would seem to say?
It seems to me it makes a big difference. I am wondering if the report on what Mr. Friedman said was incorrect, if I don’t understand the Amendment correctly, or if the Amendment has been changed.