Wednesday, January 6, 2010

Reforms to retirement village laws

Important changes are being made to the retirement village laws. The changes will apply from 1 March 2010.
    Changes include:
  • encouraging operators to keep recurrent charge increases at or below the rate of inflation
  • more certainty about who pays for replacing or repairing items of capital
  • increasing operators’ accountability for budget deficits
  • ensuring urgent repairs are carried out quickly


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