A LURA is a legal document that enforces specific usage restrictions on a property to ensure it remains affordable for low-income tenants.
These properties do not rely on government subsidies, making them an essential part of the housing supply that can contribute to long-term affordability.
A co-signer is typically responsible for the entire duration of the lease agreement unless specific arrangements are made.
For multifamily properties, the LIHTC provides a crucial incentive that encourages developers to invest in creating affordable units.
LIHTC focuses on providing tax credits to developers and investors. Section 8 offers direct rental assistance to tenants.
A compact parking space typically ranges from 135 to 175 square feet, with a length between 16 to 18 feet and a width of about 8 to 9 feet.
By offering 100% property tax exemptions, they incentivize private investment in housing that meets community needs.
Landlords can attract and retain tenants by offering concessions such as a month of free rent or reduced lease rates. This ensures stable occupancy rates and minimizes turnover costs.
A flat prepayment penalty is typically a set amount charged as a fee for paying off a loan ahead of schedule, regardless of the remaining loan balance.
