Fair Housing
Under HUD regulations, a 55+ housing community in Colorado must demonstrate that at least what percentage of its units are occupied by persons 55 or older?
A50%
B55%
C80%✓ Correct
D100%
Explanation
To qualify for the 55+ exemption from the familial status provisions of the Fair Housing Act, a housing community must have at least 80% of its occupied units occupied by at least one person who is 55 or older, publish and follow policies demonstrating intent to provide 55+ housing, and maintain age verification procedures.
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Key Terms to Know
Fair Housing Act
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
SteeringAn illegal practice where a real estate agent directs buyers toward or away from certain neighborhoods based on the buyer's race, religion, national origin, or other protected characteristics.
BlockbustingAn illegal practice of inducing homeowners to sell by claiming that the entry of minority groups will lower property values.
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