Ownership & Possession Requirements
Occupancy rules exist to be eligible for condo conversion via the condo lottery. For buildings with 2-4 units, at least one unit must be occupied by the owner for at least the three previous years. Note that the owner need not have been the owner during each of those years; he/she may have been a tenant in the unit. The rules state that the owner at the time of application must have occupied the unit for at least three years. For 5-6 unit lotto winners, at least three units must have been owner occupied for three years. The three year period is measured from the date of the lottery entry deadline.
It is important to note how the owner occupancy rules differ between conversion eligibility and lottery priority. For lottery priority, the owner merely needs to be the owner –not an occupant- in the years associated with a lottery loss.