Question - What are Affordable Housing Deed Restrictions?

Started by TimB4 • 7 replies • 1157 views

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TimB4 (Tennessee)
Posts: 21,059

Posted:

As the topic specifies, what are Affordable Housing Deed Restrictions?

I've been asked by a lender is the property is subject to them.
I've worked on our board for 8 years have never had the question asked.
I have and idea but no actual knowledge of what such restrictions would be.

I thought I would reach out to see if anyone here can define or provide an example.

Thanks,

Tim

RichardP13 (California)
Posts: 3,868

Posted:

Quote:

Posted By TimB4 on 05/26/2016 6:30 PM
As the topic specifies, what are Affordable Housing Deed Restrictions?

I've been asked by a lender is the property is subject to them.
I've worked on our board for 8 years have never had the question asked.
I have and idea but no actual knowledge of what such restrictions would be.

I thought I would reach out to see if anyone here can define or provide an example.

Thanks,

Tim

If you do a google search, you might find it's limited to one state, Massachusetts.

TimB4 (Tennessee)
Posts: 21,059

Posted:

I did and that is the one I found.

I choose to respond that I do not know the answer to that question as I have never been asked it in the past and am unclear on what a restriction would look like. I then provided a copy of the CC&Rs so they could review them or have someone review them for the lender.

RichardP13 (California)
Posts: 3,868

Posted:

It is a specific rider, similar to a condo or pud rider that is recorded with a deed of trust.

The link below is a sample:

http://www.mass.gov/hed/docs/dhcd/hd/lip/lipdeedrider.pdf

TimB4 (Tennessee)
Posts: 21,059

Posted:

Thanks Richard.

That document helped a lot.

Tim

MelissaP1 (Alabama)
Posts: 13,836

Posted:

This isn't like section 8 funding is it?

Former HOA President

RichardP13 (California)
Posts: 3,868

Posted:

Quote:

Posted By MelissaP1 on 05/26/2016 8:32 PM
This isn't like section 8 funding is it?

Read the document.

PitA
Posts: 1,416

Posted:

? read ?

then

! comprehend !

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