Skybo |
05-25-2013 09:54 AM |
Quote:
Originally Posted by OliversMom
(Post 681458)
I believe there is a federal law which mandates a certain percentage of homes in age-qualified communities such as TV may be available for sale to people under that age limit.
|
OliversMom, that’s not quite correct. The federal law mandates 80% of the homes be occupied by at least one person 55+. However, what is done with the other 20% is completely up to the individual communities. Some 55+ communities require that 100% of all homes be occupied by at least one person 55+. That was the case with the last community I lived in. In fact, I had to turn down an offer on my home by someone who wasn’t quite 55 yet.
To the OP: You stated “under 55 can purchase resales”. Just to be clear...that is true, but it is not just resales...it is also true of new homes. However, if the percentages ever reach or come close to 20% of homes be occupied by younger people, then even resales would be affected by who could buy them, as was the case in my personal example above.
As to the hypothetical question of a minor child, that's been answered.
|