Conversion of Age Restricted Housing to Non-Age-Restricted Housing

Senate Bill No. 2577 Permits the conversion of age-restricted housing units to non-age-restricted housing. The Bill has passed both houses of the Legislature and is on the Governor's desk for signature. To be eligible for conversion, a developer must agree to set aside a percentage of units in the development not to exceed 20% for affordable housing. The project must have preliminary and final approval prior to the Bill's effective date. Moreover the developer must not have taken any deposits or conveyed any units to buyers under the age-restricted program. The local land use board has the right to review the parking standards, recreation and other amenities, water supply and sanitary sewer  to ensure that these elements are adequate for the amended project. There is also a procedure that gives the developer recourse to the courts if  the local land use board refuses to approve the conversion.  The Bill if signed will breathe life into a number of age-restricted approvals that are not feasible in these challenging economic times.     

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