Thread Options
#2244906 - 10/30/20 08:37 PM Duplex-half rental other half B&B?
ccman Offline
Platinum Poster
Joined: Sep 2007
Posts: 906
How many total units do I report for the duplex? 2 or 1?

Half is rented with normal lease the other half is used as a Bed & Breakfast and transitory or
overnite stay only, i.e. used during Mardi Gras, etc. The loan is a refinance.

Return to Top
HMDA

   
HMDA Academy
#2244909 - 10/30/20 09:07 PM Re: Duplex-half rental other half B&B? ccman
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,645
Bloomington, IN
4. Mixed-use properties. A property used for both residential and commercial purposes, such as
a building containing apartment units and retail space, is a dwelling if the property's primary use
is residential. An institution may use any reasonable standard to determine the primary use of
the property, such as by square footage or by the income generated. An institution may select
the standard to apply on a case-by-case basis.

If you have determined the structure qualifies as a dwelling either by square footage or income then you have a 2 unit dwelling IMO. If you have determined the structure is not a dwelling then you do not have a reportable loan.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#2244953 - 11/02/20 05:59 PM Re: Duplex-half rental other half B&B? Dan Persfull
ccman Offline
Platinum Poster
Joined: Sep 2007
Posts: 906
Thanks, Dan. The units are identical in sq. ft. and size. One unit is a conventional rental. The other is a B&B. I consider it to be a dwelling and
will record them as two units. Thanks again.

Return to Top