In the world of real estate, it's crucial to understand agreements like the Land Use Restriction Agreement (LURA). A LURA is a legal document that enforces specific usage restrictions on a property to ensure it remains affordable for low-income tenants. This agreement is typically part of the Low-Income Housing Tax Credit (LIHTC) program, a significant benefit for property owners willing to designate a portion of their units for affordable housing.

Participating in the LIHTC program through a LURA comes with its set of responsibilities and benefits. Property owners agree to restrict income levels for tenants and maintain rent limits. These commitments make them eligible for valuable tax credits, which can significantly offset expenses.

A LURA carries implications for both current and future property ownership. Its terms are documented in public records and remain effective even if the property is sold. This ensures continuity of affordable housing provision, making the agreement an important element in city planning and housing policy. Understanding such agreements not only empowers real estate professionals but also supports broader economic and social goals.