Condo Media - November 2016 - 32

MIXED FEELINGS
NO SYMPATHY
Industry executives are not always
sympathetic to those complaints. Wolf,
whose company manages many mixedincome communities, tells owners
who raise the issue that the percentage
interest differential was fully disclosed
to them when they bought. "You knew
what you were buying," he tells them.
"Why are we having this conversation?"
Matt Gaines, an associate in Marcus,
Errico, Emmer & Brooks, responds in
the same way. He also points out that
while buyers of affordable units ben-

efit from a lower purchase price and
lower assessments, they are subject to
restrictions on the use of their units
(they aren't allowed to rent them) and
to caps on the gain they can realize
when they sell.
Their lower percentage interest also
reduces the weight of their vote in association elections, which can foster an "usagainst-them" mentality, undercutting
the community harmony that is the goal
of both common interest communities
and mixed-income housing programs.
Shapiro makes that point, noting:

"It shouldn't matter how
much someone paid for
their unit or how they got
there. Everyone should
have an equal voice in
the community and an
equal obligation to obey
its rules."
-Edmund Allcock, Partner,
Marcus, Errico, Emmer & Brooks
"Some look at affordable owners and
say, 'You may have the same [access
to amenities] I do, but if you're paying
less than I am, you better not complain
about anything!'"
CHANGING THE RATIOS
It is possible to alter a community's percentage interest calculation-in theory.
In reality, changes are virtually impossible to make. In a 40b community,
the ratios can be changed by amending
the association's bylaws one year after
the affordability restrictions expire, if
75 percent of the owners agree; if the
restrictions are still in place, all owners
affected by the change have to agree to
it. In other words, all affordable owners
would have to agree to an increase in
their fees-"as if that's going to happen,"
Shapiro notes.
The condominium statute also
requires that 51 percent of the lenders
who hold mortgages on units in the
community (and have requested notice
of changes) approve a change in the percentage interest-or any other change
in association bylaws or covenants. But
that part of the process, at least, has
been made easier by a recent amendment to the statute, specifying that if
lenders don't object within 60 days of
receiving notice of a change, they will be
deemed to have approved it.
Although most critics of mixedincome condos focus on unequal
beneficial interests, Wolf thinks the
complaints often reflect lingering

32

CONDOMEDIA



http://1800newroof.net http://1800newroof.net

Condo Media - November 2016

Table of Contents for the Digital Edition of Condo Media - November 2016

Table of Contents
Condo Media - November 2016 - Cover1
Condo Media - November 2016 - Cover2
Condo Media - November 2016 - Table of Contents
Condo Media - November 2016 - 2
Condo Media - November 2016 - 3
Condo Media - November 2016 - 4
Condo Media - November 2016 - 5
Condo Media - November 2016 - 6
Condo Media - November 2016 - 7
Condo Media - November 2016 - 8
Condo Media - November 2016 - 9
Condo Media - November 2016 - 10
Condo Media - November 2016 - 11
Condo Media - November 2016 - 12
Condo Media - November 2016 - 13
Condo Media - November 2016 - 14
Condo Media - November 2016 - 15
Condo Media - November 2016 - 16
Condo Media - November 2016 - 17
Condo Media - November 2016 - 18
Condo Media - November 2016 - 19
Condo Media - November 2016 - 20
Condo Media - November 2016 - 21
Condo Media - November 2016 - 22
Condo Media - November 2016 - 23
Condo Media - November 2016 - 24
Condo Media - November 2016 - 25
Condo Media - November 2016 - 26
Condo Media - November 2016 - 27
Condo Media - November 2016 - 28
Condo Media - November 2016 - 29
Condo Media - November 2016 - 30
Condo Media - November 2016 - 31
Condo Media - November 2016 - 32
Condo Media - November 2016 - 33
Condo Media - November 2016 - 34
Condo Media - November 2016 - 35
Condo Media - November 2016 - 36
Condo Media - November 2016 - 37
Condo Media - November 2016 - 38
Condo Media - November 2016 - 39
Condo Media - November 2016 - 40
Condo Media - November 2016 - 41
Condo Media - November 2016 - 42
Condo Media - November 2016 - 43
Condo Media - November 2016 - 44
Condo Media - November 2016 - 45
Condo Media - November 2016 - 46
Condo Media - November 2016 - 47
Condo Media - November 2016 - 48
Condo Media - November 2016 - 49
Condo Media - November 2016 - 50
Condo Media - November 2016 - 51
Condo Media - November 2016 - 52
Condo Media - November 2016 - 53
Condo Media - November 2016 - 54
Condo Media - November 2016 - 55
Condo Media - November 2016 - 56
Condo Media - November 2016 - 57
Condo Media - November 2016 - 58
Condo Media - November 2016 - 59
Condo Media - November 2016 - 60
Condo Media - November 2016 - 61
Condo Media - November 2016 - 62
Condo Media - November 2016 - 63
Condo Media - November 2016 - 64
Condo Media - November 2016 - 65
Condo Media - November 2016 - 66
Condo Media - November 2016 - 67
Condo Media - November 2016 - 68
Condo Media - November 2016 - 69
Condo Media - November 2016 - 70
Condo Media - November 2016 - 71
Condo Media - November 2016 - 72
Condo Media - November 2016 - Cover3
Condo Media - November 2016 - Cover4
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