New House Rules Regarding Rental Units

FYI, for those who were not in attendance at the annual owners' meeting in January.

The following replaced the existing like section in the House Rules governing the NPCA rental rules as of 1/31/13:

The NPCA Lease Agreement must be used as the leasing document. This is a one year lease agreement. Any addenda to the lease contract must conform to NPCA Bylaws and House Rules. Lease terms must be yearly, and month-to-month renewals are not allowed.  Tenants are not allowed to sublet. Currently, tenants are allowed to own pets in the building as permitted by the Unit Owner. Any Owner who is delinquent in paying any assessed NPCA fees is ineligible to lease their Unit until such delinquency has been remedied.

No more than 25% of the units (10 units total) can be leased at any given time (see Article VI, Section 8 (B) #14). Should NPCA reach its threshold for leases, the Board will consider requests on a case-by-case basis. Once the threshold for leases is achieved, the following guidelines will be used:

• First-come, first-serve waitlist.
• Exemptions to the rental guidelines herein may be considered by the Board on a case by case basis for government and military personnel (verifiable deployment or relocation). 
• No unit may be rented for more than 36 months within a period of 39 total consecutive months. 

It is intended that this extra 3 months above 36 be allocated as necessary to Unit Owners solely for purposes of arranging any change of tenant in accordance with other provisions of the NPCA Bylaws and House Rules. Once the end of a Unit Owner’s [maximum 39-month] rental period is reached, the Unit Owner will take all necessary steps to proactively and legally enforce termination of their lease agreement with tenant(s), and upon such termination may request to be added to the end of the rental waitlist.

When wait-listed owners come to the top of the list, they have five (5) business days to notify the NPCA Board and Management Company of their intent to rent or decline. For those opting to rent, a valid lease must be presented to the Board and its Management Company, and such lease must commence within, sixty (60) calendar days. Within the following 39 month period, the owner may rent for a maximum of 36 months, bearing in mind that leases must be at least 1 year and month-to-month leases are not permitted.

Those Unit Owners that notify the Board and/or Management Company that they decline to rent have the option of requesting to remain on the wait list but will be placed at the bottom of the list as of the date of such notification. Otherwise, once they decline to rent (or fail to respond to notice of eligibility to rent), their name will be removed from the wait list.

A summary of the key rental process/timelines is as follows:

1. Once notified they can rent, an Owner has 5 business days to confirm their intent to rent their Unit.
2. From the date they confirm their intent to rent, Owner has 60 calendar days to execute and provide a valid lease to the NPCA Board and its Management Company, and lease must commence within that same 60 day period.
3. Once lease term begins, Owner may rent her/his Unit for a maximum of 36 months, and is allowed a maximum of 3 extra months only for the purpose of securing/arranging a change of tenant, as applicable (39 months total).