TITLE 34
Property

CHAPTER 34-39.1
The Holders of Low and Moderate Income Housing Restrictions Act

SECTION 34-39.1-3


§ 34-39.1-3 Definitions.

For purposes of this chapter:

(1) "Housing restriction" means any obligation or requirement to maintain real estate affordable for rental to or purchase by low and moderate income citizens of the state or any limitation on the future use or transfer of the real estate, whether stated in the form of a charge, encumbrance, financing instrument, easement, covenant, or condition in any deed, agreement, or other instrument executed by or on behalf of the owner of the real estate.

(2) "Restriction holder" means any nonprofit corporation, partnership, association, cooperative, or trust established for the primary purpose of owning, operating, leasing, preserving, or maintaining housing affordable to persons and families of low and moderate income, and entities that provide financing, land, or other benefits related to the development and preservation of affordable housing including, but not limited to, state agencies, municipalities, foundations, Rhode Island housing and mortgage finance corporation, and public housing authorities.

History of Section.
(P.L. 1991, ch. 237, § 1; P.L. 2006, ch. 368, § 4; P.L. 2006, ch. 464, § 4.)