A Leave of Absence (LOA) allows a deed restricted owner to reside someplace other than their deed restricted unit for more than 90 days. An LOA must be approved prior to taking leave, otherwise an owner risks violating their deed restriction and would be considered out of compliance.
Owner Requirements for LOA Approval
Be in good standing with their Homeowners Association (HOA)
LOA Request must be approved and signed by both the HOA and APCHA.
LOAs are approved for one year, with the ability to request up to one additional year. If a second year is approved, appreciation on the sales price is frozen.
Renting Unit During an Approved LOA
An owner with an approved LOA may rent their unit for the duration of the leave at a defined rental rate (depends on the category and size of the unit, and/or the sum of owners total expenses). Any renter must be a qualified employee and must complete and submit the Long-term Rental Qualification Packet (PDF) to APCHA prior to moving in.