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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 · 6 answers · asked by Louiegirl_Chicago 5 in Business & Finance Renting & Real Estate

6 answers

I live in a condo that has a few Section 8 tenants in rental units. Or at least it did up until pretty recently.

One issue that you need to consider is that it is hard to purchase a condo as a rental investment. Most condos limit the number of units that can be rented. Here, if someone rents without permission, we tow the renter's cars and cut the water. (If you are violating the bylaws - renting without a permit - you cannot use the common entities - water and parking lot.)

But if your client can rent, then there is nothing the condo board or bylaws can do to specifically not allow Section 8 renters. That type of discrimination is illegal.

2007-02-16 12:50:10 · answer #1 · answered by CJKatl 4 · 2 0

I think you will have to locate the complex your interested in and then work from there. You must understand that rental rules vary greatly from complex to complex. Most though have rules about how long you have to be a owner to be able to rent your unit.They may also have a rule on how many of the units may be rental verses owner occupied.

I think most GOOD condo boards have worked the rules to prevent investors like yours from turning their condo complexes into dumping grounds for welfare and section 8 clients....THANK GOD !

I also hope NO one gives you a lead on a condo complex that would allow what your proposing!

2007-02-18 04:26:04 · answer #2 · answered by yeah , yeah whatever 6 · 0 0

A condo for section 8 housing? I don't know, you'd really have to check with your local housing authority as it's ultimately their call. It just doesn't seem likely because generally whole structures are counted as section 8...not just one unit because if that one unit were listed as section 8, wouldn't it bring down the value of the surrounding units? I mean, that's just my thought and I could be competely wrong.
Then too...a condo in itself just doesn't say "section 8" to me.

But check with your HA before you dive into this.

2007-02-16 12:32:47 · answer #3 · answered by ? 5 · 1 0

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2016-10-02 06:40:16 · answer #4 · answered by Anonymous · 0 0

The local Housing Authority will determine whether or not your property is suitable for one of their clients. Some authorities prefer to not have properties that have a swimming pool and other amenities. Go figure....

2007-02-16 12:27:00 · answer #5 · answered by Venita Peyton 6 · 0 0

There are too many bylaws that are typically written to avoid and prevent situations like this from taking place.

As they say, when in doubt -- better check it out!!!

Moreover, I would NOT be checking important issues online through this type of forum!
I would check into a courtesy consultation with legal council.

"An ounce of prevention is worth a pound of cure."

2007-02-17 16:24:14 · answer #6 · answered by ipc.1008 3 · 1 0

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