Complex condominiums - by Saul Feldman

In this article, I want to discuss a condominium which will consist of five affordable units and thirty rental apartments.

The developer must sell the affordable units to comply with the affordable housing agreement required by the local redevelopment authority.

The building also contains a garage underneath the thirty-five residences. The developer wants the parking to stay with the thirty rental apartments.

At first I thought of using phasing within the building which I have done many times in larger developments. I finally decided that phasing within the building was not the right plan for a small building with thirty-five residential apartments.

After many hours of struggling with the foregoing, I have come up with a solution and will spend the remainder of this article outlining the solution.

I have created a six unit condominium. There will be five affordable units. These affordable units must be sold pursuant to the affordable housing agreement. The remaining thirty apartments will be part of unit 5 which I am calling the Apartment Unit. The developer intends to keep the thirty apartments as rental apartments for the foreseeable future. 

The master deed also provides that the developer has full control of all the parking spaces.

This plan complies with the affordable housing agreement and also gives my developer client exactly what he wants. It clearly is a win-win situation for my client.

Saul Feldman, Esq. is a real estate attorney with Feldman Law Office in Boston, Mass.