Affordable Housing Restriction Law and Legal Definition
An affordable housing restriction refers to a right appropriate to:
a. limiting the use of all or part of the land to occupancy by persons, or families of low or moderate income in either rental housing or other housing;
b. restricting the resale price of all or part of the property in order to assure its affordability by future low and moderate income purchasers; or
c. in any way limiting or restricting the use or enjoyment of all or any portion of the land for the purpose of encouraging or assuring creation or retention of rental and other housing for occupancy by low and moderate income persons and families.
This right may be exercised in perpetuity or for a specified number of years. It may or may not be stated in the form of a restriction, easement, covenant or condition, in any deed, will or other instrument executed by or on behalf of the owner of the land or in any order of taking.
Legal Definition list
Related Legal Terms
- Affordable Housing
- Agricultural Preservation Restrictions
- Basic Allowance for Housing
- California Department of Fair Employment and Housing
- Community Housing Development Organization [HUD]
- Community-Based Nonprofit Housing Developer [Banks & Banking]
- Comprehensive Housing Plan
- Congregate Housing
- Conservation Restriction
- Contractual Restriction
