The Board of Directors approved capping the number of houses that can be rented at any given time to 15% and implementing Rental Restrictions as follows:
- There will be a 15% cap on Houses that can be subject to Rental Agreements at any given time. This 15% rental cap will be effective October 1, 2015.
- There will be a “Waiting list” for Rental properties once the cap has been met.
- Should a property on the “Waiting List” become eligible to rent and the Property Owner decides not to rent, they will be removed from the waiting list.
- There will be no granting or giving of one properties eligibility to another property.
- If a “Rental” Property should not rented for a period of six (6) months then it will no longer be considered a “Rental” property and will have to go on the waiting list should they want to rent it in the future. Property owner does have the right to request up to a three (3) month extension from the Board of Directors. Request must be made in writing.
- If a property owner has multiple rentals, each property will be considered on an individual basis.
- There will be $250.00 fine for failure to register a rental property. $500.00 fine for each subsequent occurrence.
- “Hardship” situations will need to be appealed to the Board of Directors in writing. The Board will consider these on a case by case basis.