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This new complex will allow 33% of the units to have kids, from what I've read. So it's not really meant to be entirely senior-living, but partial senior-living. That's kinda what I was driving at. The senior-living market alone will not support alot of this new development, since it's really exploding right now on Long Island. So alot of these developments will have significant numbers of kids, despite all the BS spin by the developers that they won't pressure the school districts.
It all depends on what they are going to charge for the condos. If they're going to charge some ridiculous price, then the seniors (or anyone else) won't come running.
The most popular senior condos are those that are heavily subsidized by a municipality. For example, Town of Hempstead subsidizes the Knolls I and II in East Meadow. There's a long waiting list to get in there. It's a real sweetheart deal on our tax dollars and it is not restricted to the poor. Where else are you going to have severely low property taxes (as opposed to the other residential properties in East Meadow) and a monthly maintenance cost of only around $150 for 24-hour service, a pool, a clubhouse, green space with barbeques and bocci court, etc.? The only bad (or good?) thing about this is that condo owners cannot sell them for a greatly increased price, but have to sell to the next person on the list at no or little profit. Still, it's a very affordable place to live while you're there and many of them also can own property down south and are snowbirds due to the low cost of their taxpayer subsidized LI condo.
This isn't the only subsidized deal on LI for seniors. There are others around LI subsidized by County or Towns.
If these new condos are being priced at top market value, the seniors and the other 33% will not be banging down their doors to get in.
Last edited by I_Love_LI_but; 02-06-2015 at 10:15 AM..
Knolls Phase I, II, & III consists of 120 one-bedroom and 134 two-bedroom units. Maximum income for one person $59,975; two people $69,050. Minimum age is 62. Recreation facilities include a swimming pool and clubhouse. Pets are not allowed.
The Greens is Suffolk to get lower school taxes they have the 18 and over restriction and no one can register kids in district from that addresss.
A few folks bought when youngest was still in HS even though you are not supposed to and had kid attend the Catholic School.
They get the reduced school taxes by agreeing no kids in school district from condo complex
That's incorrect, I thought somebody would say that happened in another state. The school district must educate any student residing within that district; state law requires it. The management of the complex may be required to evict, but that does not relieve the district of their requirement to enroll the student.
That's incorrect, I thought somebody would say that happened in another state. The school district must educate any student residing within that district; state law requires it. The management of the complex may be required to evict, but that does not relieve the district of their requirement to enroll the student.
I would guess school district would call condo complex and rat them out and that would be that
Knolls Phase I, II, & III consists of 120 one-bedroom and 134 two-bedroom units. Maximum income for one person $59,975; two people $69,050. Minimum age is 62. Recreation facilities include a swimming pool and clubhouse. Pets are not allowed.
Comparing the maximum income to what they get in return at the Knolls, it's a real bargain. For what they get, the maximum income should be much lower. Also keep in mind that it is only income based, not asset based. They could have a million dollars in the bank or own a fleet of Rolls Royces, but if their reported yearly income in retirement is under those numbers on their income tax forms, they are in.
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