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The pre-sale requirement for new projects has been decreased from 70% to 50%.
The number of days for which 15% of unit owners may be past due on common expense assessments has been increased from 30 days to 60 days.
The additional flexibilities include increasing the allowable commercial space allocation from 20% to 25% for condo projects, allowing a single entity to own up to 2 units in a project consisting of 5 to 20 units, specifying the situations under which up to 15% of non-incidental business income is allowed, and permitting live-work projects that allow unit owners to operate small home-based businesses from their residential dwelling.
Additional requirements include prohibitions against projects that require mandatory fee-based memberships and projects that operate as continuing care facilities.
Guidance was added concerning how to research and confirm whether a project is, in fact, functioning as a condohotel and clarifying the circumstances under which boat slips, cabanas, or similar non-real estate property are acceptable as project amenities.