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This document outlines the agreements and restrictions related to low-income housing tax credits under Section 42 of the Internal Revenue Code, detailing the responsibilities of the Development Owner
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How to fill out land use restriction agreement
How to fill out LAND USE RESTRICTION AGREEMENT
01
Obtain a copy of the Land Use Restriction Agreement form.
02
Read through the document carefully to understand the terms and conditions.
03
Fill in the names of the parties involved including the property owner and any relevant authorities.
04
Specify the property address or legal description of the land subject to the restrictions.
05
Clearly outline the specific restrictions that will be placed on the land use.
06
Include any relevant dates for the duration of the restrictions.
07
Consult a legal professional if necessary to ensure compliance with local laws.
08
Sign the document in the presence of a notary public, if required.
09
Distribute copies to all parties involved and file the original with the appropriate local office.
Who needs LAND USE RESTRICTION AGREEMENT?
01
Property owners who want to restrict land use.
02
Developers required to comply with specific regulations.
03
Government agencies managing land use and planning.
04
Neighbors or community members concerned about future land development.
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People Also Ask about
How long does Lura last?
The LURA stays with the land, meaning any restrictions defined in the agreement continue on even after a sale. These restrictions generally last for a pre-defined period of time, usually 15 to 30 years depending on the agreement and jurisdiction.
How long does Lura last?
The LURA stays with the land, meaning any restrictions defined in the agreement continue on even after a sale. These restrictions generally last for a pre-defined period of time, usually 15 to 30 years depending on the agreement and jurisdiction.
What are the problems with low-income housing tax credits?
The LIHTC has had substantial bipartisan support, but it is a complex and inefficient solution to housing affordability. The tax credits raise the costs of housing projects and partly displace market-based housing. They generate fraud and corruption in some places, and only a portion of the tax benefits go to tenants.
What is the 10 year rule for tax credits?
10-Year Rule: The building is eligible for acquisition credit so long as the existing building was not placed-in-service during the 10-year period preceding the acquisition.
What is the compliance period for LURA?
The compliance period is the initial period during which the property must adhere to the LURA's restrictions, usually lasting 15 years. The extended use period typically adds another 15 years, making 30 years of restrictions.
What is a LIHTC compliance period?
The 15 year LIHTC compliance period ends on December 31st of the 15th year of the tax credit period, and a sale may occur anytime after that year-end date. Determining the tax credit period is done on a building-by-building basis.
What is a private land use restriction?
Private restrictions (sometimes referred to as covenants or agreements) can include specific items that would impact construction, such as setbacks that are greater than the setbacks imposed by town zoning laws, restrictions on the size of buildings on the property, limits on the number of buildings on the lot, and
What is a Lura agreement?
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.
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What is LAND USE RESTRICTION AGREEMENT?
A Land Use Restriction Agreement (LURA) is a legal document that establishes restrictions on the use of a property, often related to zoning, environmental protection, or affordable housing.
Who is required to file LAND USE RESTRICTION AGREEMENT?
Entities such as property owners, developers, or organizations receiving governmental funding or tax incentives for developments are typically required to file a Land Use Restriction Agreement.
How to fill out LAND USE RESTRICTION AGREEMENT?
To fill out a Land Use Restriction Agreement, individuals must provide detailed information about the property, the specific restrictions being imposed, and any terms necessary to comply with applicable laws or funding requirements.
What is the purpose of LAND USE RESTRICTION AGREEMENT?
The purpose of a Land Use Restriction Agreement is to ensure that the property is used in a manner consistent with specific goals, such as preserving land for public use, maintaining affordable housing, or protecting environmental resources.
What information must be reported on LAND USE RESTRICTION AGREEMENT?
Information that must be reported on a Land Use Restriction Agreement includes the property description, the nature of the restrictions, the parties involved, the duration of the agreement, and any conditions for enforcement or modification.
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