On July 18, 2011 two officers of the OHA Board (Paul Baker and Paula Schildt) inspected and counted the ballots to the referendum to amend the OHA Covenants to restrict rental properties in Oakwoods subdivision. The vote is: 175 approved and 27 disapproved. The 175 approval votes constitute a majority of the OHA members. The next day (July 19) Paul Baker delivered a letter to the Bloomington-Normal Association of Realtors (BNAR) informing them about the new rental amendment. The Executive Director of BNAR, Jean Cleary, was most helpful by sending the letter and a copy of the new amendment via e-mail to all members of the realty association. Paul Baker also sent letters to the 12 landlords who own 15 rental properties in Oakwoods.

What does the new rental amendment mean for the Oakwoods community? First and most important, the amendment stops any further purchase of homes in Oakwoods as rental investment properties. The most recent information available to the Board indicates that there are currently 15 rental properties. This number cannot grow in the future. When any of these houses are sold, they must be purchased by a homeowner who resides in Oakwoods. Landlords are not permitted to sell or transfer their property to other landlords. This means that over time, the number of rental properties will diminish. At some future date, there will be no investment rental properties in the Oakwoods subdivision.

Oakwoods homeowners, however, have the privilege of renting their own homes on a limited-term arrangement of 5 years every 10 years. There is flexibility for renting by Oakwoods homeowners, but there is a clear prohibition to convert a home into a permanent rental property or to sell homes to landlords.

Categories: General

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