42-13601. Definitions
281 words·~1 min read·
/az/title-42/42-13601A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this article, unless the context otherwise requires:
1. "Conventional multifamily property" means a residential rental property that does not meet the requirements prescribed in paragraph 3 of this section.
2. "Low-income housing tax credit program" means the federal low-income housing tax credit program established by the tax reform act of 1986, codified in section 42 of the internal revenue code and administered by the Arizona department of housing pursuant to section 35-728 to encourage construction and rehabilitation of low-income rental housing.
3. "Low-income multifamily residential rental property" means multifamily residential property to which all of the following apply:
(a)The owner received an allocation of federal income tax credits through the low-income housing tax credit program.
(b)The property remains both income and rent restricted consistent with the low-income housing tax credit program and the provisions of the declaration of affirmative land use restrictive covenants agreement recorded on the property. The requirement of this subdivision is met if an affirmative land use restrictive covenants agreement is not yet recorded on the property but the property is otherwise subject to both income and rent restrictions under the low-income housing tax credit program.
(c)A federal, state or tribal court has not entered a judgment or order based on a finding that an act or omission of an owner or operator of the property constitutes a breach or violation of either:
(i)The declaration of affirmative land use restrictive covenants agreement recorded on the property.
(ii)Restrictions under the low-income housing tax credit program imposed on the property but not contained within an affirmative land use restrictive covenants agreement.
(d)The restrictions apply to all units on the property except employee units.