Current as of: 2009 An affordable housing covenant may: (1) Include limitations, restrictions and affirmative obligations on the sale price or rental rate of real property or the use of real property or the income or assets of purchasers or tenants; (2) Limit the amount of equity appreciation that a property owner may derive from ownership of the real property; (3) Grant a right of first refusal or an option to purchase to the eligible covenant holder; (4) Restrict the class of persons to whom real property may be sold, leased or rented according to, but not limited to, household income, assets, residency and prior homeownership; (5) Limit the use of the real property to residential use as the primary residence of a low or moderate income household; (6) Limit, condition or prohibit leasing or subletting; (7) Impose obligations for maintenance and insurance of the real property; (8) Limit, condition or prohibit the owner from allowing liens on the real property; and (9) Make other limitations, conditions or prohibitions that affect the affordability of real property for low or moderate income households. [2007 c.691 ยง4] Prev | Next________________________________________________________________________
Questions & Answers: Housing
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