The 80% Law

[Dr Winston O Boogie jr]

I understand that in order to qualify as an "over 55" development, at least 80% of the homes must be owned or occupied by people over 55 years old.

What benefit is this to the developer of a community? Do they pay a different tax rate if they are an over 55 community?

And how, with all of the resales in The Villages, is it possible to keep track of this information?

[mulligan]

Your date of birth is on the application for your Villages ID card....easy to bank/ crunch the data.

[Indydealmaker]

I understand that in order to qualify as an "over 55" development, at least 80% of the homes must be owned or occupied by people over 55 years old.

What benefit is this to the developer of a community? Do they pay a different tax rate if they are an over 55 community?

And how, with all of the resales in The Villages, is it possible to keep track of this information?

The incentive for a developer is purely and solely marketing 101. There is a substantial demand for senior restricted communities and the supply is currently relatively limited. If you are a developer marketing a non-age targeted community, you are usually a much smaller fish in a much bigger pool.

[Indydealmaker]

Your date of birth is on the application for your Villages ID card....easy to bank/ crunch the data.

Works as long as the "younger" crowd wants to use the amenities that require a Villages ID. However, if you do not play golf, go to Katie Belles, use rec centers or pools there is no need for ID.

But practically speaking, the likelyhood is not great that there would ever be a significant number of "youngers" that would want to live here without the amenities, while at the same time tolerating us old folks.

[justjim]

With baby boomers retiring, it's a big advantage to be a 55 plus community. Over 75 million boomers makes this group a viable group to sell a 55 plus retirement community.

Many older adults look for a warmer/snow free climate and seriously downsize after age 65. Although, I have never seen valid data on the subject, some believe they will live longer in an active adult retirement community.

[Carla B]

The developer of any community must allow families of all ages to live there UNLESS he has declared it to be an "Over 55" development.

This is in order to comply with the Fair Housing Act.

[mulligan]

The developer of any community must allow families of all ages to live there UNLESS he has declared it to be an "Over 55" development.

This is in order to comply with the Fair Housing Act.

He has, and it does comply

[Dr Winston O Boogie jr]

I just thought of another thing. When you buy a house you have to pay the amenities bill. I assume they would determine your age at that time.

[DougB]

Don't think paying your amenities bill will tell how old each member of the household is. One could be over 55 and one or more could be under 55. One or both could be under 55. Amenity fee is for the household no matter anyone's age or how many people live there. But that is opening up a new can of worms.
I think ID membership cards would be the only way.

[downeaster]

Since the subject of this thread is the"80% law" I thought it might be helpful to quote said law.

SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Housing for Older Persons
Act of 1995’’.
SEC. 2. DEFINITION OF HOUSING FOR OLDER PERSONS.
Section 807(b)(2)(C) of the Fair Housing Act (42 U.S.C.
3607(b)(2)(C)) is amended to read as follows:
‘‘(C) intended and operated for occupancy by persons 55
years of age or older, and—
‘‘(i) at least 80 percent of the occupied units are occupied
by at least one person who is 55 years of age or
older;
‘‘(ii) the housing facility or community publishes and
adheres to policies and procedures that demonstrate the
intent required under this subparagraph; and
‘‘(iii) the housing facility or community complies with
rules issued by the Secretary for verification of occupancy,
which shall—
‘‘(I) provide for verification by reliable surveys and
affidavits; and
‘‘(II) include examples of the types of policies and
procedures relevant to a determination of compliance
with the requirement of clause (ii). Such surveys and
affidavits shall be admissible in administrative and
judicial proceedings for the purposes of such verification.’’.

[tuctba1958]

This worked out great for us. We bought when we were 45 and have been renting to snowbirds for the last 10 years. We have been using the rent income to pay off the mortgage. Hopefully we will retire in a few years strip the house of the current furnishings put in hardwood floors and paint. Can't wait to retire!!