A. If a board of supervisors determines that any real property or interest in the real property owned, or to be purchased, by a county can be used to provide affordable housing for persons and families of low income as determined by the United States department of housing and urban development and that this use is in the county’s best interests, the county may sell, lease, exchange, quitclaim, convey or otherwise dispose of the real property or interest in the real property at less than fair market value, or purchase an interest in the real property, to provide affordable housing without holding a public auction and for less than the fair market value as required by section 11-256.

Terms Used In Arizona Laws 11-251.10

  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215

B. Dwelling units provided for persons and families of low income under this section shall be restricted by regulatory agreement to remain continually affordable to low income persons and families for the longest feasible time, but not less than thirty years, pursuant to a method prescribed by the county.

C. The regulatory agreement shall contain a provision making the covenants and conditions of the agreement binding on a successor in interest and shall be recorded in the office of the county recorder of the county in which the housing development is located.

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