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DECLARATION OF LAND USE RESTRICTIVE COVENANTS AGREEMENT ), dated as of , is entered into by and its successors and assigns (the Development Owner ) and the Arkansas Development Finance Authority, a public body politic and corporate of the State of Arkansas, together with any successor to its rights, duties and obligations (the Authority ). This AGREEMENT is entered to comply with Section 42 of the Internal Revenue Code of 1986, as amended, 26 USC 1 et seq., (the Code ),.

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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.

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) 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 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 ...

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232