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Part 2: There's big money in 55-and-older market
Published on Jul 18, 2007

(This is Part 2 of a two-part series. Read Part 1, "There's big money in 55-and-older market.") Why is there a need for senior-housing specialists? Why the focus on persons over 55? The housing decisions and choices for persons over the age of 55 began to increase in 1988. That's the year the Federal Housing Act was amended to prohibit discrimination based upon disability or family status. The inclusion of families as a protected category suddenly collided with the operation of retirement or adult communities, so the 1988 amendments included exemptions for housing developments that qualified as housing for persons over the age of 55. Congress countered with the Housing for Older Persons Act of 1995 ("HOPA") in an effort to resolve the conflict between protected family status and the exemption for older persons. HOPA redefined the exemptions for elders. The law has become the guideline for developers and owners of elder housing. Tim Corliss, a former Franciscan monk who left the order a...

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