Legal Question in Real Estate Law in Maine
Subsidized Housing in a development
A man is purchasing existing properties in my housing development of 10 lots with no further subdivisions. His intention is to put in duplexes to used for low income subsidized housing which will drastically lower my homes value and reduces my chances of selling the property in the future. There is an HOA but it has had no intrest by the other owners. Is there any way to protect my homes value and prevent the duplexes from being built. I have been advised to sell now, but I enjoy my location. Please help!
1 Answer from Attorneys
Re: Subsidized Housing in a development
The restrictions that may prevent the construction of duplexes would likely be found in the Town's Ordinances, the deeds from the neighborhood developer to each purchaser (such as yourself or your predecessor in title), or the neighborhood association by-laws or other recorded instruments. The local Planning Board may require review. Without a review of these documents it is not possible to render any sort of legal opinion as to the likely success of the proposed project or efforts to block it.
There future value of your property is not a legal issue, but I would not assume that its value will be negatively impacted, or to what extent, unless the actual project is known and a local real estate agent or appraiser reviews the matter with you.
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