ASK MIKE MONDAYS - Michael, What is a LURA?
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To promote affordable housing, some older properties may have an income restricted LURA. A LURA is a LAND USE RESTRICTION AGREEMENT. It runs with the deed. This recorded regulatory agreement may restrict the amount of rent you can charge a tenant, based on the tenant\\u2019s income. If you rehab a property and are expecting to increase rents to justify the cost\\u2026a LURA may prevent you from being able to raise rents in the future. Make sure you ask the seller\\u2019s agent if the property has a LURA.
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