Rental Restrictions

Posted on Jan 5, 2016

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:

 

  1. 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.
  2. There will be a “Waiting list” for Rental properties once the cap has been met.
  3. 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.
  4. There will be no granting or giving of one properties eligibility to another property.
  5. 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.
  6. If a property owner has multiple rentals, each property will be considered on an individual basis.
  7. There will be $250.00 fine for failure to register a rental property. $500.00 fine for each subsequent occurrence.
  8. “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.