Fair Housing
The Fair Housing Act exemption for senior housing (55+ communities) requires that:
AAll units be occupied only by persons 55 or older
BAt least 80% of occupied units have at least one resident age 55 or older, and the community publish and follow policies demonstrating intent to be 55+ housing✓ Correct
CThe community obtain IREC certification as senior housing
DAll residents be retired from full-time employment
Explanation
The Housing for Older Persons Act (HOPA) exemption requires: (1) at least 80% of occupied units have one resident 55+; (2) publication and adherence to policies demonstrating 55+ housing intent; and (3) registration with HUD. Qualifying 55+ communities may restrict housing to adults.
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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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