Scribd
Upload
307 views

Condominium Classification 2

This document describes three classes of condominium projects - Class I, Class II, and Class III - and the requirements for each class to establish eligibility. Class I projects still have developer control of the homeowner's association or are subject to future phasing. Class II are recent conversions with homeowner control for less than two years. Class III have had homeowner control for at least two years. All classes require that common elements be complete and that a majority of units be sold, with ownership and payment requirements varying between classes. Projects involving weekly or daily rentals through the homeowner's association are ineligible.

Uploaded by

oktaviadn
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
307 views

Condominium Classification 2

This document describes three classes of condominium projects - Class I, Class II, and Class III - and the requirements for each class to establish eligibility. Class I projects still have developer control of the homeowner's association or are subject to future phasing. Class II are recent conversions with homeowner control for less than two years. Class III have had homeowner control for at least two years. All classes require that common elements be complete and that a majority of units be sold, with ownership and payment requirements varying between classes. Projects involving weekly or daily rentals through the homeowner's association are ineligible.

Uploaded by

oktaviadn
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

CONDOMINIUMS

Condominium projects are generally grouped into three classes:


-Class I
-Class II
-Class III
The following is a description of each class and the specific requirements relating to the
condominium project for purposes of establishing condominium project eligibility*.
Class I:

Developers control of the homeowners association has not yet terminated.


Project may be subject to phasing or add-ons which have not yet been
completed.
All common elements and amenities must be fully installed, completed and in
operation.
70% of all units in the entire development must have been sold and/or legally
obligated to close.
70% of all units in the entire development must have been sold to owner
occupants.
Maximum single entity ownership, 10%.

Class II:

Recent or current condominium conversions (from apartments).


Homeowners association has been controlled by the unit owners (other than the
developer) for less than two years.
Project is not subject to phasing or add-ons which have not yet been completed.
All common elements and amenities are fully installed, completed and in
operation.
70% of the units in the entire development must have been sold to owner
occupants.
No more than 15% of the current unit owners are more than one month
delinquent in payment of homeowners dues or assessments.
Maximum single entity ownership, 10%.

Class III:

* Note :

Homeowners Association has been controlled by unit owners (other than


developer)for at least two years.
Project is not subject to phasing or add-ons..
All common amenities are fully installed, completed, and in operation.
90% of the units have been sold (owner-occupancy of at least 60%)
No more than 15% of the current unit owners are more than one month
delinquent in payment of homeowners dues or assessments.
Maximum single entity ownership, 10%.

Ineligible Projects:

Condominium projects that include weekly and/or daily rentals are not acceptable
if the Home Owners Association is involved in the rental of units.

You might also like