Quote:
Originally Posted by OrangeBlossomBaby
I don't think there's any reason why the Developer would HAVE to maintain this as a 55+ restricted community. As far as I understand, they only have to abide by the 80% rule IF they want it to continue to be a 55+ restricted community. If they don't care who lives in it anymore, they could just - not advertise it as a 55+ community anymore, and lose whatever benefits they get for having the 55+ community.
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The developer would be sued for breach of contract and would be subject to damages if he failed to continue the 80/20 rule and not advertise as an 55+ community. Source is sapling.com
I think the developer can change the undeveloped land south of 44 to family if not yet advertised as 55+. But then when a certain percentage of the 55+ homes were sold he would have to turn over control to the residents, something he might not want to do. GoldwingNut is the expert in these matters but I’m pretty sure I’m correct.