Originally Posted by BrianL99
(Post 2241186)
That's sort of true.
IF the developer got any sort of HUD financing (which he didn't), there would be on-going auditing, that he was in compliance with the program under which he received financing or assistance.
In the case of Senior Housing in general, it's another can of worms.
Prior to 1988, it ws illegal to discriminate by age. In other words, as a result of the Fair Housing Act of 1968, "Senior Housing" was illegal. Under an amendment to the act in 1988, "Senior Housing" became legalized discrimination. In order to take advantage of the new ability to discriminate, the developer had to include "facilities & services" specifically to meet the physical and social needs of all residents. This is why TV model was based on providing amenities. It wasn't an accident, it was required by law.
Then came 1995 and the Housing for Older Persons Act. This act eliminated the requirement to include amenities and service. IF you meet the requirements of the act, primarily the 80/20 standard, you were allowed to discriminate (prohibit anyone from buying if they were under 55). If I remember correctly, there was also a requirement that the development had a land area in excess of 5 Acres.
So ....
While the regulations that allow the discrimination are under HUD jurisdiction, I don't think HUD has a mechanism to enforce, other than perhaps a law suit that TV (or any other such development) is illegally discriminating against people under 55.
Obviously it's a complicated issue, but many people forget the genesis of the laws. It is generally illegal in the USA, to discriminate because of one's age. The Senior housing laws were about given an exception to the anti-discrimination concept, in favor of Seniors (a huge voting block).
Florida also has a Senior Housing regulations, but I suspect they're of a similar nature and I doubt there's any real mechanism to enforce them. (I've never developed Sr. Housing in FL, so I've never dealt with their specific regs.)
As an overview, consider that TV advertises and presents itself as a 55+ community and as a result, the majority of buyers are over 55. From the outside looking in, it appears that TV is making a good faith effort to maintain 80/20 standard.
Sorry for the long winded explanation, but it's a complicated subject and many don't understand how it all happened.
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