Understanding the legal requirements for owning an apartment complex is important for any investor. The Fair Housing Act and the Americans With Disabilities Act are two pieces of disability accessibility legislation that apply to multifamily properties. The Fair Housing Act mandates that all buildings with 4+ units built for first occupancy after March 13, 1991, must meet the Act's accessibility requirements. Additionally, The Fair Housing Amendments Act of 1988 (FHAA) requires that apartment buildings constructed after March 13, 1991, have certain features that will make them adaptable for disabled residents. HUD created a Fair Housing Act Design Manual to help investors and developers determine whether a current or proposed apartment property meets Fair Housing Act Standards. Other documents that may be helpful include HUD's Fair Housing Act Accessibility Guidelines and HUD's Fair Housing Act Question and Answer Supplement.
In addition to legal requirements, there are also potential downsides to owning an apartment complex. These include time investment, local market factors, vacancies and tenant issues, liability, maintenance expenses, and low liquidity. For more information on the pros and cons of owning an apartment complex, please see this article.