How should new Rules and Regulations be applied to existing units?

Status Quo

New Rules and Regulations are only applied to existing units if existing restrictions defer to the Rules and Regulations.

Alternatives

12.A. The status quo.

12.B. Includes 12.A plus specify that the Rules and Regulations adopted at the time of resale will govern the sale of a restricted unit unless otherwise stated in the special restriction.

12.C. Includes 12.A plus new restrictions will be recorded at resale, unless the standard restriction is already in place. The standard restriction will refer to the Rules and Regulations where appropriate.

12.D. Includes 12.A plus for rental units, establish that the Rules and Regulations in effect at the time the rental agreement is entered will apply.

12.E. Some combination of B, C, and D.

Solution

Place new restrictions on units at resale. The standard restriction and/or lease agreement will refer to the Rules and Regulations where appropriate (Alternative 12.E).

Show All Answers

1. What should the employment criteria be to rent or purchase a restricted home?
2. What kind of assets should be allowed and / or counted, and how much is the limit?
3. How many months out of a calendar year should a household be required to occupy a restricted unit?
4. What livability standards, if any, should apply to restricted units?
5. What percentage of a household’s income should be spent on housing?
6. When should a household have to qualify for a rental or ownership home?
7. How should sale/rent price be set?
8. How should restricted ownership homes be valued at resale?
9. How should rental be handled for ownership units?
10. How should the buy / sell process work?
11. What types of relief should be allowed from the Rules and Regulations?
12. How should new Rules and Regulations be applied to existing units?