Limits on owning other real estate Sample Clauses

Limits on owning other real estate. 1. No member of an Eligible Household, including, but not limited to, spouses and children under 18 years of age, may own real estate anywhere as of the date of purchase of the Subject Property. 2. A member of an Eligible Household that owns commercial property for business use or vacant land may request an exemption from this requirement, which may be granted at the sole discretion of ECHDA or its assign. 3. During ownership of the Subject Property, no Household member shall own any interest alone or in conjunction with others, in any other real estate. 4. Real estate that is owned by a prospective Eligible Household may not be deeded to a corporation or other person or entity except at fair market value nor may real estate be deeded to a corporation or other legal entity in which any Household member has any financial interest in order to meet the requirements in this Section 1.A.ii.
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