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Posted by: Joseph from 208-58-104-22.c3-0.avec-ubr9.nyr-avec.ny.cable.rcn.com on June 10, 2006 at 11:43:15 Subject: HOME HUD/HPD Agreement
I am in contract to purchase a 7 unit brick building and just found out that the prior owner entered into two agreements in 1993 that remain with the property through any deed transfers. These two agreements are a "HOME WRITTEN AGREEMENT" and a "REGULATORY AGREEMENT," both between seller and NYC's HPD. The HWA expires in 2009 and the RA in 2024. I've consulted two attorneys so far, and both are unable to give definitive explanations of how these agreements will limit my use of the premises, specifically with respect to who I can rent to and how much I can charge. The agreements refer to both eligibility of tenants (with respect to their income levels) as well as other limits. Does anyone have any knowledge of these programs, how they're managed, how they're enforced, whether all apts or only the HOME (low and very low income designated apts) are restricted, etc.? Thanks very much, Joseph
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