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Section 42 of the IRS Code allows homeownership opportunities for residents of low-income housing rental developments by allowing the owners to sell to residents following the completion of the initial compliance period. To be eligible for Homeownership Conversion, a project must consist of single-family, duplexes, or townhomes. If owners elect Homeownership Conversion at the time of application, the following forms will need to be reviewed.
These forms are generic in nature and not deal specific.
Addendum to restrictive covenants to establish homeownership conversion requirements
Owner certificate to be executed prior to implementation or homeownership
Partial release of restrictive covenants to be recorded lot-by-lot as lots are sold