Could our school district restrict renting out apartments to only families with school age children?

Our school district has some excess money that must be spent on capital investments (rather than operating funds).
What are the rules surrounding selecting tenants based upon age, or family status?
My idea is that the district could buy or develop apartments with the money, which they could then rent exclusively to families with school aged children.
I know that some communities only sell houses to elderly residents (over 55). Does this same concept apply here, or are there rules governing discrimination against tenants that would prohibit this.

What you are suggesting is in direct violation of the Federal Fair Housing Act. It is HIGHLY illegal to restrict housing to those 'with school age children'.

The 'over 55 housing' you see available is the one and ONLY exclusion to the Federal Fair Housing Act. Such properties are designed for the purpose intended, and the owners must follow strict regulations in order to remain in compliance with the "Over 55 Housing" exclusion to the Federal Fair Housing Act.

Don't even THINK about doing such a thing !

Personally, I think that's a terrible idea! There are plenty of government agencies that address low income housing. Put that money to use for its intended purpose: making capital improvements to SCHOOL PROPERTY AND FACILITIES! Any other purpose results in fraudulant misappropriation of funds, in my opinion.

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