if my client wished to buy one condo in a condominium building and then rent it out as affordable housing for a section 8 tenant, would that be impossible?
i think it wouldn't be possible because of the rules and regulations of the condo board. first, condo boards try to keep owner occupants at 80%, with investors less than 20% so that banks loan to live in owners more easily.
so it doesn't follow to me that a condo board would allow an investor to purchase a condo, then getting HUD approval to allow for section 8 housing.
am i correct? if you ever heard of that scenario panning out, please let me know what the name of that condominium is, and where it is. THANKS!!!
2007-02-16
12:23:02
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6 answers
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asked by
Louiegirl_Chicago
5
in
Business & Finance
➔ Renting & Real Estate