Description of CROWN Set. Aside 1. A long-term CROWN development is a rent to own residential dwelling pursuant to a plan and documents approved in advance by NIFA that will be sold to a qualified tenant at the end of the 15 – year compliance period. 2. The Owner must set aside $50 per month for each tenant in the Development. 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 will accumulate $ over the Development’s 15-year compliance period for each, or $ for the total units constructed by the Owner.
Appears in 2 contracts
Sources: Land Use Restriction Agreement, Land Use Restriction Agreement for Low Income Housing Tax Credits