What is the name of your state (only U.S. law)? Massachusetts
The development I live in has ten 40B affordable housing units. The HOA fees for these units are 50% of the standard fee. Recently one of the 40B units was sold at full price and is no longer considered a 40B unit. We have been told by the management company that the HOA fee for that unit will remain at the 40B rate "due to a flaw in the federal law".
Can anyone clarify if this is correct? If you could provide the specific reg/law so I can research that would be greatly appreciated.
The development I live in has ten 40B affordable housing units. The HOA fees for these units are 50% of the standard fee. Recently one of the 40B units was sold at full price and is no longer considered a 40B unit. We have been told by the management company that the HOA fee for that unit will remain at the 40B rate "due to a flaw in the federal law".
Can anyone clarify if this is correct? If you could provide the specific reg/law so I can research that would be greatly appreciated.