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Updated about 9 years ago,

User Stats

285
Posts
174
Votes
Shawn M.
  • Investor
  • New Haven, CT
174
Votes |
285
Posts

How to remove deed restrictions from property?

Shawn M.
  • Investor
  • New Haven, CT
Posted

I'm looking to purchase a 3-family investment property but the previous owner (not the one selling it now) received state tax credits (in 2000) to complete a rehab. Now the property can only be sold to an owner occupant with max 80% of the median income. The deed says that this conveys with all subsequent owners for 50 years. Is there any way I can get this restriction removed so I can purchase the property as a non-owner occupied investor? (plus I don't meet the income requirement either)

Come on BP, help me out!

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