Senate Bill 88/Assembly Bill 305, which is intended to prevent the improper sale or transfer of property to those who do not meet the age requirements of a senior community, was signed into law yesterday by Governor Jon Corzine.

 
The Bill, initially introduced by Senator Christopher J. Connors, Assemblyman Brian E. Rumpf and Assemblyman Daniel M. Van Pelt in January of this year, requires the purchaser of a property in an age-restricted community to certify that the person occupying the residence meets the age requirements of the community. This would assist adult communities in complying with quotas established for the "housing for older persons" exception from the federal "Fair Housing Amendments Act of 1988."

Currently, federal law states that 100% of the resident in a community built for occupants 62-years of age or older must be 62-years of age or older. Whereas, communities intended for residents 55-years of age or older, only need to have 80 % of the residents and one person per household be 55-years of age or older.
 

I am pleased to announce that SB 88 has been signed into law. This Bill will assist in creating a method of ensuring compliance by age-restricted communities with federal law. You can read more on the passage of Senate Bill 88/Assembly Bill 305 here.