What does Hopa stand for in housing?
HOPA = Housing Older Persons Act ( HOPA) which means it is an an age restricted community where owners MUST be 55 (or 62) and older.
What is Hopa for mobile home parks?
This includes homeowners associations, condominiums, co-ops, municipally zoned areas, mobile home parks, and manufactured housing communities. In order to qualify for HOPA, at least 80% of households in the community must be occupied by one resident that is over the age of 55.
What is the Fair Housing Act in real estate?
The Fair Housing Act prevents discrimination based on race, color, religion, sex, national origin, handicap, and familial status in real estate transactions. A housing community is defined as a building or group of dwellings that are governed by a common set of rules and regulations.
What are the requirements to qualify for Hopa?
In order to qualify for HOPA, at least 80% of households in the community must be occupied by one resident that is over the age of 55. Some 55 and over communities require 100% of the dwellings to be occupied by a resident over the age of 55, while others only adhere to the 80% minimum requirement.
What does Hopa mean on MLS?
HOPA = Housing Older Persons Act (HOPA) which means it is an an age restricted community where owners MUST be 55 (or 62) and older.
How does HUD define elderly?
HUD's Public Housing Guidebook clearly defines elderly families. “An elderly family is a family whose head, spouse or sole member is a person who is at least 62 years of age.
Which act states that communities and facilities that meet certain criteria for providing housing to older persons are legally exempt from the familial status discrimination?
The Fair Housing Act specifically exempts three types of housing for older persons from liability for familial status discrimination. Such exempt housing facilities or communities can lawfully refuse to sell or rent dwellings to families with minor children only if they qualify for the exemption.
Is age 55 a senior citizen?
In general, however, once you turn 55 you start to enter the senior age demographic. By the time you are 65 you reach the most common age for retirement from your job. However, an increasing number of senior citizens are working after 65, so retirement can no longer be a key factor in becoming a senior.
What is the 80/20 rule for age restricted community?
The 80/20 rule in 55+ communities is that at least 80% of units must be occupied by at least one person 55 or older. The remaining 20% of households in the community may be available for persons of any age, if the community so chooses.
Which of the following changes did Hopa create?
Which of the following changes did HOPA create? Housing for Older Persons does not have to offer significant services or equipment for older people.
Which of the following situations would be exempt under the Fair Housing Act?
The Fair Housing Act covers most housing. In very limited circumstances, the Act exempts owner-occupied buildings with no more than four units, single-family houses sold or rented by the owner without the use of an agent, and housing operated by religious organizations and private clubs that limit occupancy to members.
Which of the following would constitute a violation of fair housing laws?
(fair housing laws) The Federal Fair Housing Act of 1968 bans discrimination based on race, color, religion, sex or national origin. The Fair Housing Amendments Act of 1988 added the protection of disability and familial status. The Federal Fair Housing Laws do not protect against sexual orientation.
Can someone under 55 live in a 55+ community Florida?
In Florida 55+ communities there is a federal law that governs all our age-restricted communities. According to this law, at least 80 percent of the occupied units must have at least one resident who is 55 years of age or older.
What did 1995 HUD memorandum allow?
The Act contained a provision exempting "senior" housing from the prohibition against familial status discrimination. The Housing for Older Persons Act (HOPA), signed into law by President Clinton on December 28, 1995, amended the housing for older persons exemption against familial status discrimination.
What is the North Carolina State Fair Housing Act?
The State Fair Housing Act (see also the Spanish version) makes it illegal to discriminate in housing because of race, color, religion, sex, national origin, physical or mental handicaps, or family status (families with children).
What is familial status discrimination?
Familial Status Housing Discrimination Under the FHA, familial status discrimination occurs when a landlord, property manager, real estate agent, or property owner treats someone differently because they have a family with one or more individuals who are under 18 years of age.
What does no Hopa mean in real estate?
This is my blog on wood Vs CBS construction. HOPA = Housing Older Persons Act (HOPA) which means is it an an age restricted community where owners MUST be 55 (or 62) and older. … CLICK HERE for a list of age restricted communities. HOA = Home Owners Association.
What is special about housing for older persons?
The Fair Housing Act specifically exempts three types of housing for older persons from liability for familial status discrimination. Such exempt housing facilities or communities can lawfully refuse to sell or rent dwellings to families with minor children only if they qualify for the exemption.
How is senior housing legal?
This law states that it is legal for communities to market themselves as “55+”or “age-restricted” provided they maintain that 80 percent of the occupied units are occupied by at least one person who is 55 years of age or older.
What is a Hopa?
HOPA = Housing Older Persons Act ( HOPA) which means it is an an age restricted community where owners MUST be 55 (or 62) and older. Some occupants may be under 55 and they still maintain this certification however when the unit is purchased at least one occupant must be over 55 and typically someone under 55 may inherit the property, or a bank may foreclose and own it, however the association would not approve an open market sale to a Buyer who is not 55+. The Park Plaza community in Jupiter is an age restricted community as are Little Club and Sugar Sands . CLICK HERE for a link to some age restricted communities in the area.
What does HOA mean in Florida?
HOA = Home Owners Association. Typical in Florida if there’s a gate or any community features like a pool it’s an HOA. Think Condo light and Buyers must be given this Homeowners Association_HOA – Community Disclosure.
What does COA mean in a condominium?
COA = Condominium Owners Association. If it’s in a Condominium then the Buyer must be given this Condominium Rider . The Marina at the Bluffs is a condominium.
What does HOPA stand for?
We get asked this question all the time, what is HOPA? It Stands for Housing for Older Persons Act of 1995, which allows Communities of Homes to Restrict the Age of Residents to 55 Years or Older.
How old do you have to be to buy a home?
So what all does this mean for you buying a home? That at least 1 person must be at least 55 years or older in the household, and typically no one may reside in the unit that is under 19. The goal is to provide a safe place for older people to live and thrive, typically these are communities which cater to older people for the next chapter of their life before a retirement home.
Does J Team have a HOPA?
The J Team understands the importance of HOPA and will make sure when we send you properties, one of the first things we do is check with you if you want a senior community for 55+ or not. Typically our clients do not qualify yet, so we will never send a property that is for an older person, because we understand the difference. Honestly, we still come across new agents and even older agents who still don't know what HOPA means. This can be scary that agents aren't willing to learn new things that could potentially hurt you legally and financially.
Is Hopa a senior community in Florida?
In Southeast Florida, as Realtors, we encounter HOPA a lot, typically with younger buyers who went online and saw that there were great "deals" on condos under $50,000 and Homes for as little as $100,000, only to get discouraged when we inform them this community is for 55+. A lot of the misunderstanding is some real estate professionals will put in the description this is a senior community or 55+ communty. Most agents now a days just put a YES next to the HOPA question when submitting a property on the MLS. So we spend a lot of time educating home buyers in Southeast Florida to look at HOPA and see if it's marked as a YES or NO.
What is cap rate?
A cap rate is the ratio of a property’s net income to its purchasing price. Investors use this number to determine how much profit they’ll make from the rental property.
What does ARV mean in real estate?
ARV stands for After Repaired Value, which is the value a property has after it has been rehabbed. This value is determined by an appraiser before the repairs have been completed, based on a list of the proposed repairs.
What is wholesaler in real estate?
A wholesaler finds sellers willing to sell their properties at a discount and then connects them with a cash buyer or real estate investor. In exchange, the wholesaler collects a fee for bringing the two parties together. This helps the seller sell their home with minimal hassle, and the buyer or investor finds the perfect home.
What does it mean when a home is contingent?
When the sale of a home is listed as contingent, it means that the seller has accepted an offer on the property, but there are still other steps, or contingencies, that must be met before the deal can go through.
What is an easement?
Easements are defined as someone’s right to use a property, even though they are not the owner of that property. The easement relates to a specific purpose and is limited to whatever that purpose is. For example, utility companies can use easements to access roads on a property.
What is a short sale?
A short sale occurs when a financially distressed home is sold for a smaller amount than what is still owed on the mortgage. In this scenario, all the money from the sale goes to the mortgage lender, who is also responsible for approving the sale. For a seller, selling their house in a short sale is financially better than a foreclosure.
How many people are required to be in a Hopa unit?
HOPA requires that at least 80 percent of the occupied units must be occupied by at least one person 55 or older . The remaining 20 percent of the units may be occupied by persons under 55, and the community/facility may still qualify for the exemption.
What is the Fair Housing Act?
Title VIII of the Civil Rights Act of 1968 (the Federal Fair Housing Act), as amended by the Fair Housing Amendments Act of 1988 (the Fair Housing Act), prohibits discrimination in housing and real estate-related transactions based on race, color, religion, sex, national origin, handicap and familial status (in general, the presence of children under the age of 18 in the household). The prohibition against discrimination based on familial status became effective March 12, 1989. The Act contained a provision exempting "senior" housing from the prohibition against familial status discrimination.
Does the Fair Housing Act cover age discrimination?
Neither the Fair Housing Act nor HOPA covers age discrimination. Neither of these federal laws supersede or otherwise affect state or local laws that prohibit age discrimination. Housing community/facilities always should check all relevant state, local and federal laws, and any requirements imposed as a term of governmental financial assistance before implementing policies and procedures that limit the eligibility of its residents.
Does the Fair Housing Act require a deed?
The Fair Housing Act does not require this. HOPA does not require this. This is an example of an issue or aspect of senior housing communities that is generally governed by independent law, deed restriction, or other legally enforceable documents.
Rules
Browse HOEPA final and interpretive rules to see specific amendments made by each final rule to Regulations Z and X.
Regulations and official interpretations
Browse Regulation Z (12 CFR 1026) on: Interactive Bureau Regulations | eCFR
Quick references
Transaction coverage and exemptions for the 2013 mortgage origination rules -Reference tool illustrating general coverage and exemptions of certain mortgage products
Contact Information
If you have a question about the Bureau’s rules and the statutes we implement, please first review the regulations and official interpretations (commentary) as well as the available guidance and compliance resources.