California Rules and Regulations Concerning Occupancy of Cooperative Apartment
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FAQ
Co-ops must abide by the laws that govern fair housing, but they can be more restrictive than other housing options when it comes to ownership requirements. Because there is no landlord, and there are no tenants, the rules for purchasing shares in the partnership are set by the partners.
Occupancy limits the maximum number of tenants per unit an owner can establish. Currently, the occupancy limits are based on what is reasonable. Unofficially, reasonable occupancy limits in California is two persons per bedroom plus one additional tenant.
Boards are not required to report how many co-op applications they review each year, or how many they reject. However, brokers and co-op lawyers estimate a rejection rate of about 3 to 5 percent.
Occupancy Formulas Additionally, the California Department of Fair Employment and Housing (DFEH) uses what is known as the two plus one formula, which permits two (2) people to occupy each bedroom, with one (1) additional person in the living spaces (i.e., five (5) people may reside in a two bedroom unit).
The codes, Los Angeles Municipal Codes 91.1207 and 91.1208, say that the limits are as follows: 70 to 119 square feet can accommodate two people; 120 to 169 square feet can accommodate three people; 170 to 219 square feet, three people, and one added person for each additional 50 square feet.
The disadvantages of a cooperative society have been defined below:Limited Resources:Incapable Management:Lack of Motivation:Rigid Business Practices:Limited Consideration:High Interest Rate:Lack of Secrecy:Undue Government Intervention:More items...
California has adopted the section 503(b) Code criteria for determining the minimum size of a dwelling. California's Department of Fair Employment and Housing (DFEH) uses a formula-based occupancy restriction, known as the "two plus one" formula, which permits two people to occupy each bedroom, with one additional
Anyone living on the property must be listed and sign the lease agreement. The landlord may increase the rent at any time a new tenant is added to the lease.
ConsMost co-ops require a 10 to 20 percent down payment.The rules for renting your co-op are often quite restrictive.Because there are a limited amount of lenders who do co-op loans, your loan options are restricted.Typically it is harder to rent your co-op with the restrictions that most co-ops have.