§ 14-508. Reversionary rights

Latest version.

   The reversionary rights of an affordable housing land trust as set forth in the affordable housing land trust agreement are limited to provisions that relate to:

   (1) The transfer of the property to a person who is not a party to the agreement or a person who does not meet the conditions set forth in the affordable housing land trust agreement;

   (2) The possession of the property by a person who does not meet the conditions set forth in the affordable housing land trust agreement;

   (3) The transfer of an interest in the property to a person who does not meet the conditions set forth in the affordable housing land trust agreement;

   (4) The waste, destruction, or abandonment of the property; or

   (5) The failure to comply with any financial provision in the affordable housing land trust agreement.

HISTORY: 2010, chs. 609, 610.

                    
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