In the May 24 Federal Register, the U.S. Department of Housing and Urban Development (HUD) proposed a change in its regulations to no longer mandate the gradual accumulation of pet deposits in multifamily rental housing for the disabled or elderly residents.
Owners would have the discretion to provide for the gradual payment of the pet deposit and approved pet deposit increases, but this would not be required.
The proposed rule provides owners of housing the option to collect upfront fees.
Though gradual accumulation is still encouraged for the benefit of residents who may have difficulty meeting the full deposit requirements at one time, HUD suggests that the implementation of this proposed rule will result in some savings, however small, for the owners if they do not have to manage the monthly payments of pet deposits.
Comments are due by July 23. Members may also provide comments to LeadingAge at cbloom@leadingage.org .
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