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Condo Renters: A Potential Asset
Question. We have been renting a condominium unit in a fairly large complex for the last several years, and our current plans are to stay here for several more years. For financial and other personal reasons, we do not want to buy. However, quite frankly we feel we are second class citizens in this condominium complex. We recognize we cannot serve on the Board of Directors. However, we want to get involved in various condominium activities, including the budget, grounds and maintenance, and a newsletter, but the Board is adamant against our involvement. We believe we can be more productive for the condominium than many of the owners, but are treated as if we do not exist. Is there any legal reason why we cannot get involved?
Answer. This is a very touchy and sensitive issue in the condominium community. Many condominium boards of directors have the attitude that owners are good and tenants are bad. And more significantly, FHA -- which is the predominent lender on condominium units -- for years has required that associations have at least 50 percent owner occupied units in order for a purchaser to get a mortgage loan or an owner to refinance.
Congress, in July, 2016, ... more

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