Non-Deed Restricted Property definition
Non-Deed Restricted Property means a multifamily residential complex targeted for lower income households that are not subject to a deed restriction or affordability covenant with a public entity or nonprofit housing provider organized under Section 501(c)3) of the Internal Revenue Code that has as its stated purpose in its articles of incorporation on file with the office of the Secretary of State to provide affordable housing to lower income households that ensures that the units will be available at an affordable rent for a period of at least thirty (30) years.
Examples of Non-Deed Restricted Property in a sentence
If the Property is Non-Deed Restricted Property, Owner represents and warrants as of the Effective Date, eighty percent (80%) of the Property’s tenants meets ESA Program income eligibility thresholds.