LURA definition

LURA means the Land Use Restriction Agreement that is a recorded agreement between GHFA and the Owner of a HOME-funded project. The LURA is binding upon the Owner and its successors in interest, and that encumbers the project with respect to this Plan and the requirements of the HOME program.

LURA means the “Extended Low-Income Housing Commitment” required by IRC § 42(h)(6) which must be in the form of a Declaration of Affirmative Land Use and Restrictive Covenants Agreement (commonly referred as the “LURA”) that is recorded and runs with the land on which the Project is developed, restricting the use of land by the Owner and its successors and assigns to the terms and conditions of the Project, as approved by ADOH. All Amenities, Design Features, and Tenant Services described and committed in the Application will be identified in the LURA and will be inspected at each on-site Compliance inspection.

LURA means the Land Use Restriction Agreement that is a recorded agreement between GHFA and the Owner of a HOME-funded project.

Examples of LURA in a sentence

• If a HUB is the general partner of a Development Owner and it (i) is being removed as the result of a default under the organizational documents of the Development Owner or (ii) determines to sell its ownership interest, in either case, after the issuance of 8609s, the purchaser of that general partnership interest is not required to be a HUB as long as the LURA does not require such continual ownership or a material LURA amendment is approved.

• If a HUB is the general partner or special limited partner of a Development Owner and it determines to sell its ownership interest, after the issuance of 8609's, the purchaser of that partnership interest or the general or special limited partner is not required to be a HUB as long as the procedure described in §10.405(b)(1) of this chapter (relating to Non-Material LURA Amendments) has been followed and approved.

• The points selected at Application and corresponding list of amenities will be required to be identified in the LURA, and the points selected at Application must be maintained throughout the Affordability Period.

• The priority recording of the LIHTC LURA ensures all lien holders will honor these requirements of the Code.

• The LURA may not be terminated prior to its term for any reason other than foreclosure or an instrument in lieu of foreclosure and the Project Owner will not have the right to require MFA to present a “Qualified Contract” in accordance with Code Section 42(h)(6).

More Definitions of LURA

LURA means the “Extended Low‐Income Housing Commitment” required by IRC § 42(H)(6) which must be in the form of a Declaration of Affirmative Land Use and Restrictive Covenants Agreement (commonly referred as the “LURA”) that is recorded and runs with the land on which the Project is developed, restricting the use of land by the Owner and its successors and assigns to the terms and conditions of the Project, as approved by ADOH.

LURA means the Land Use Restriction Agreement that is a recorded agreement between GHFA and the Owner of a HOME-funded project. The LURA is binding upon the Owner and its successors in interest, and

LURA means land use restriction agreement, and has the same meaning as Declaration of Restrictive Covenants.”Management Company” means a person or entity that has contracted with the Owner to manage the Project property, including such activities as leasing units, enforcing lease requirements and rules, repairs and maintenance, Housing Credit compliance and other matters relating to the operation of the project.

LURA. ' means with respect to any issue of Bonds, the land use restriction agreement, tax regulatory agreement or other similar agreement imposing operating restrictions on the related Project.

LURA means Land Use Restriction Agreement.

LURA means the Land Use Restriction Agreement that is a recorded agreement between GHFA and the

LURA means the Land Use Restrictions Agreement or Declaration of Land Use Restrictions (Restrictive Covenants) governing the future disposition of any property conveyed from the HLB.