Get This Land Use Restriction Agreement And

Land-use restriction means any limitation regarding the uses of property which may be provided by, but is not limited to, a written instrument which imposes an easement, covenant, restriction, or servitude, or a combination thereof, as appropriate, upon the present and future uses of all, or part of, the land, pursuant ...

The extended use period is often 15 years but can sometimes be longer or shorter, depending on the state of origin. It's important for any investors to realize that if an owner sells a property and the LURA is still active, the new buyer will still have to abide by all of its rules.

Land-use restriction means any limitation regarding the uses of property which may be provided by, but is not limited to, a written instrument which imposes an easement, covenant, restriction, or servitude, or a combination thereof, as appropriate, upon the present and future uses of all, or part of, the land, pursuant ...

A Land Use Restrictive Agreement (LURA) subjects the multifamily real estate to a land use restriction agreement (LURA), in which the owner gives up some of their rights of the land use in exchange for the promise of future tax credits, tenant income restrictions, unit set asides to be rented to lower income tenants ...

The agreement will highlight all restrictions that have been placed on a property and guarantee that the project receives low-income housing tax credits over a set period of time. These tax credits are meant to push private businesses to make investments in affordable housing.

A Land Use Restrictive Agreement (LURA) is an agreement between an owner/developer and a government entity that documents the restrictions placed upon a property in order to receive tax credits in the future.

Federal law generally requires low-income housing tax credit (LIHTC) properties to remain rent restricted and only available to low-income tenants for a minimum of 30 years. This period of required affordability beyond Year 15 is called the extended-use period. Some states extend the affordability period even longer.