Examples of Use Restriction in a sentence
An Extended Use Period also applies to any Project for a minimum of 15 additional years following the expiration of the Compliance Period, during which time transfers and tenant dislocation are limited as provided for in the Project’s Land Use Restriction Agreement (LURA).
Beginning with the first year of the Extended Use Period, an owner of a tax credit development operating solely under his Land Use Restriction Agreement will be assessed monitoring fees on an annual basis to cover staff monitoring costs.
CHFA complies with these requirements with the execution and recording of a Land Use Restriction Agreement (LURA) at the time of the final allocation of credits.
The owner of the development will be required to execute and record a Land Use Restriction Agreement (“LURA”) that sets forth those covenants that will restrict the development property for a minimum of thirty (30) years (“the extended use period”).
As the allocating agency, the Authority has the right to perform on-site inspections throughout the term of the Land Use Restriction Agreement.