Maine Revised Statutes Title 33 Sec. 122 – Creation; conveyance; acceptance; duration
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1. Affordable housing covenant. Except as otherwise provided in this chapter, an affordable housing covenant may be created, conveyed, recorded, assigned, released, modified, terminated or otherwise altered or affected in the same manner as other covenants created by written instrument.
[PL 1991, c. 373 (NEW).]
Terms Used In Maine Revised Statutes Title 33 Sec. 122
- Affordable housing covenant: means any agreement among one or more owners, one or more tenants of residential real estate and one or more qualified holders, or between one or more owners and one or more qualified holders, or between one or more tenants and one or more qualified holders, that permits a qualified holder to control, either directly or indirectly, the purchase price of residential housing for the primary purpose of providing that the housing remains affordable to lower income and moderate-income households. See Maine Revised Statutes Title 33 Sec. 121
- Qualified holder: means a governmental entity empowered to hold an interest in real property under the laws of this State or the United States or a nonprofit organization whose purposes include the provision of affordable housing or the increasing of affordable housing opportunities for lower income or moderate-income households including governmental or quasi-governmental entities such as public housing authorities, community action agencies or other similar nonprofit or governmental entities committed to providing opportunities for lower income or moderate-income households to obtain affordable housing. See Maine Revised Statutes Title 33 Sec. 121
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. Right or duty. A right or duty in favor of or against a qualified holder may not arise under an affordable housing covenant unless it is accepted by the qualified holder.
[PL 1991, c. 373 (NEW).]
3. Limitation. Except as provided in this chapter, an affordable housing covenant is unlimited in duration unless:
A. The instrument creating it provides otherwise; or [PL 1991, c. 373 (NEW).]
B. A change of circumstances renders the affordable housing covenant no longer in the public interest as determined in an action under section 123, subsection 3. [PL 1991, c. 373 (NEW).]
[PL 1991, c. 373 (NEW).]
4. Interest. An interest in real property in existence at the time that an affordable housing covenant is created is not impaired by the affordable housing covenant unless the owner of the interest is a party to the affordable housing covenant.
[PL 1991, c. 373 (NEW).]
5. Right to enter land. The instrument creating an affordable housing covenant must designate the manner in which and the times when representatives of the holder of an affordable housing covenant are entitled to enter the real property to assure compliance.
[PL 1991, c. 373 (NEW).]
SECTION HISTORY
PL 1991, c. 373 (NEW).