Get the free LAND USE RESTRICTION AGREEMENT - arkansas

This document outlines the terms of an agreement between a development owner and the Arkansas Development Finance Authority regarding the use restrictions for low-income housing tax credits, ensuring

How to fill out land use restriction agreement

How to fill out LAND USE RESTRICTION AGREEMENT

1. Start with the title: 'Land Use Restriction Agreement'.
2. Identify the parties involved in the agreement, including names and addresses.
3. Clearly describe the property and its boundaries being affected by the agreement.
4. Specify the purposes of the land use restrictions (e.g., environmental protection, zoning use).
5. Detail the specific restrictions that will be imposed on the land use.
6. Include any exceptions or allowances that may apply.
7. Outline the duration of the agreement and the process for renewal or termination.
8. Provide for enforcement mechanisms, including who has the authority to enforce the terms.
9. Include signatures and dates from all parties involved to validate the agreement.

Who needs LAND USE RESTRICTION AGREEMENT?

1. Property owners who want to restrict specific uses of their land.
2. Developers needing to comply with local zoning regulations.
3. Government agencies implementing environmental protections.
4. Community organizations advocating for land preservation.

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.

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.

For pdfFiller’s FAQs

What is LAND USE RESTRICTION AGREEMENT?

A Land Use Restriction Agreement is a legal document that outlines limitations on how a property can be used, typically to preserve certain environmental conditions or to comply with specific zoning regulations.

Who is required to file LAND USE RESTRICTION AGREEMENT?

Property owners or developers who wish to impose restrictions on land use, often in relation to government programs or environmental protection, 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, one should provide details about the property, specify the restrictions being placed on the land use, obtain necessary signatures, and submit the document to the appropriate governmental body or authority.

What is the purpose of LAND USE RESTRICTION AGREEMENT?

The purpose of a Land Use Restriction Agreement is to control and limit the development and use of land in a way that aligns with policy goals such as environmental protection, urban planning, and community safety.

What information must be reported on LAND USE RESTRICTION AGREEMENT?

The information that must be reported typically includes the property description, the specific restrictions being imposed, the duration of the agreement, parties involved, and any relevant legal or regulatory references.