The Land Bank is pleased to announce that as of June 2, 2017, a new exemption is available to all purchasers who buy property subject to an affordable housing restriction with at least five years remaining on its term. Purchasers do not have to be first-time homebuyers to claim the exemption. Additionally, there is no cap on the value of the exemption, so regardless of how much an affordable property costs, the purchaser will not be required to pay a Land Bank fee, provided they meet the eligibility requirements and comply with their affordable housing restriction for a five-year term.
New “O” Exemption for Purchases subject to Affordable Housing Restrictions effective June 2, 2017
