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AFFORDABLE HOUSING RESTRICTION AGREEMENT FOR 40R RENTAL PROJECT CITY/TOWN OF [MUNICIPALITY] [NAME OF PROJECT] This Affordable Housing Restriction Agreement (the \" Restriction\") is made this ___

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What is affordable housing restriction agreement?

An affordable housing restriction agreement is a legal document that establishes the terms under which a property must be maintained as affordable housing, often involving limits on rental prices or sale prices to ensure housing remains accessible to low- and moderate-income individuals.

Who is required to file affordable housing restriction agreement?

Typically, property owners or developers who receive government funding or tax incentives for creating affordable housing units are required to file an affordable housing restriction agreement.

How to fill out affordable housing restriction agreement?

To fill out an affordable housing restriction agreement, you need to provide details about the property, the restrictions being imposed (such as income limits and pricing), the duration of the agreement, and any compliance reporting requirements.

What is the purpose of affordable housing restriction agreement?

The purpose of an affordable housing restriction agreement is to ensure that housing remains affordable for low-income families over a specified period, preventing property owners from raising rents or selling at market rates.

What information must be reported on affordable housing restriction agreement?

Information that must be reported typically includes the property's address, the income limits for residents, maximum allowable rents or sales prices, the duration of the affordability period, and compliance and reporting obligations.

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