Description of CROWN Set. Aside 1. A long-term CROWN development, as defined by NIFA, is a lease to own home pursuant to a plan and with documents approved in advance by NIFA that will be sold to a qualified tenant at the end of the 15 – year compliance period. 2. Current CROWN developments require $50 per month to be set aside for each tenant. This set-aside will be used by the tenant to assist in the purchase of a home at a future date. Based on units, each tenant would accumulate $ over the Development’s 15-year compliance period for each Home, or $ for the total Homes constructed by the Owner.
Appears in 2 contracts
Sources: Land Use Restriction Agreement, Land Use Restriction Agreement