CFIRP and 'Income-Producing Property'

[luke_l]

Has anyone sold a house with a suite in it under IRP?  The policy states: "CF members who sell or purchase an income-producing property which is
also CF members’ residence, shall only be reimbursed expenses for that part of the building used as their principal residence except for fees outlined in art 8.2.05."
Here's the issue: I bought my house a year ago (under IRP, within 2 years of my current posting), did some renovations to take a house with a 'sort-of' basement suite, and bring it up to an acceptable standard to rent out, which I subsequently did.  Now, due to the housing market getting a little harder in my area over the last year, plus to costs of renovations, I am going to be lucky to come out of my house breaking even.  If I only get 60% of costs to sell my house reimbursed, I will pay more to sell my house than I received in rent over the last 11 months my suite has been rented out for.  Has anyone seen this policy taken seriously?  What would you suggest my best course of action is?

Thanks for any advice

 

[captloadie]

If you have a current tenant, it is likely you will be out of luck, as this will have to be included on your listing, which IRP will get a copy of.

If you don't have a tenant, then it is simply an in-law suite, which then shouldn't cause a problem.