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    Condominium Classification 2

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    oktaviadn
    This document describes three classes of condominium projects - Class I, Class II, and Class III - and the requirements for each class to establish eligibility. Class I projects still have developer control of the homeowner's association or are subject to future phasing. Class II are recent conversions with homeowner control for less than two years. Class III have had homeowner control for at least two years. All classes require that common elements be complete and that a majority of units be sold, with ownership and payment requirements varying between classes. Projects involving weekly or daily rentals through the homeowner's association are ineligible.

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    Condominium Classification 2

    Uploaded by

    oktaviadn
    228 views1 page
    This document describes three classes of condominium projects - Class I, Class II, and Class III - and the requirements for each class to establish eligibility. Class I projects still have developer control of the homeowner's association or are subject to future phasing. Class II are recent conversions with homeowner control for less than two years. Class III have had homeowner control for at least two years. All classes require that common elements be complete and that a majority of units be sold, with ownership and payment requirements varying between classes. Projects involving weekly or daily rentals through the homeowner's association are ineligible.

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    This document describes three classes of condominium projects - Class I, Class II, and Class III - and the requirements for each class to establish eligibility. Class I projects still have developer control of the homeowner's association or are subject to future phasing. Class II are recent conversions with homeowner control for less than two years. Class III have had homeowner control for at least two years. All classes require that common elements be complete and that a majority of units be sold, with ownership and payment requirements varying between classes. Projects involving weekly or daily rentals through the homeowner's association are ineligible.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    228 views1 page

    Condominium Classification 2

    Uploaded by

    oktaviadn
    This document describes three classes of condominium projects - Class I, Class II, and Class III - and the requirements for each class to establish eligibility. Class I projects still have developer control of the homeowner's association or are subject to future phasing. Class II are recent conversions with homeowner control for less than two years. Class III have had homeowner control for at least two years. All classes require that common elements be complete and that a majority of units be sold, with ownership and payment requirements varying between classes. Projects involving weekly or daily rentals through the homeowner's association are ineligible.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    CONDOMINIUMS

    Condominium projects are generally grouped into three classes:


    -Class I
    -Class II
    -Class III
    The following is a description of each class and the specific requirements relating to the
    condominium project for purposes of establishing condominium project eligibility*.
    Class I:

    Developers control of the homeowners association has not yet terminated.


    Project may be subject to phasing or add-ons which have not yet been
    completed.
    All common elements and amenities must be fully installed, completed and in
    operation.
    70% of all units in the entire development must have been sold and/or legally
    obligated to close.
    70% of all units in the entire development must have been sold to owner
    occupants.
    Maximum single entity ownership, 10%.

    Class II:

    Recent or current condominium conversions (from apartments).


    Homeowners association has been controlled by the unit owners (other than the
    developer) for less than two years.
    Project is not subject to phasing or add-ons which have not yet been completed.
    All common elements and amenities are fully installed, completed and in
    operation.
    70% of the units in the entire development must have been sold to owner
    occupants.
    No more than 15% of the current unit owners are more than one month
    delinquent in payment of homeowners dues or assessments.
    Maximum single entity ownership, 10%.

    Class III:

    * Note :

    Homeowners Association has been controlled by unit owners (other than


    developer)for at least two years.
    Project is not subject to phasing or add-ons..
    All common amenities are fully installed, completed, and in operation.
    90% of the units have been sold (owner-occupancy of at least 60%)
    No more than 15% of the current unit owners are more than one month
    delinquent in payment of homeowners dues or assessments.
    Maximum single entity ownership, 10%.

    Ineligible Projects:

    Condominium projects that include weekly and/or daily rentals are not acceptable
    if the Home Owners Association is involved in the rental of units.

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