LURA
See Land Use Restriction Agreements.
Frequently Asked Questions about LURA (Land Use Restriction Agreements)
What does LURA stand for in real estate?
LURA stands for “Land Use Restriction Agreement.” It is a legal document that places limitations on how a piece of property can be used, often tied to affordable housing programs.
Where can I find more information about LURAs?
You can consult the related glossary entry: “Land Use Restriction Agreements (LURA)” for a full explanation of how LURAs function in real estate.
What types of properties typically have a LURA?
LURAs are most commonly associated with multifamily housing developments that receive government subsidies or tax credits, such as those under the Low-Income Housing Tax Credit (LIHTC) program.
Is a LURA permanent?
Not necessarily. LURAs typically have a defined compliance period (e.g., 15 or 30 years), after which restrictions may expire unless extended or renewed.
What is the legal effect of a LURA on a property?
A LURA restricts certain aspects of property use—such as rent levels, tenant income qualifications, and unit mix—making compliance mandatory for the owner during the agreement’s term.
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