Limited Equity Housing at Legal Glossary
What is it? An arrangement designed to encourage low-and moderate-income families to purchase housing, in which the housing is offered at an extremely favorable price with a low down payment. The catch is that when the owner sells, she gets none of the profit if the market value of the unit has gone up. Any profit returns to the organization that built the home, which then resells the unit at an affordable price.Law Definition Added By: Gabriella
The Limited Equity Housing definition has been viewed 958 Time(s)!
Send To Friends!
If you'd like to send the Limited Equity Housing definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Limited Equity Housing. If you need any more information on this term, please don't hesitate to contact us.
Other Similar Legal Terms:
Law Terms attorney-client privilege is A rule that keeps communications between an attorney and her client confidential and bars them from being used as evidence in a trial, or even being seen by the opposing party during discovery.Law Terms administratrix is An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male or female, this person is called the administrator.
Law Terms open adoption is An adoption in which there is some degree of contact between the birthparents and the adoptive parents and sometimes with the child as well. As opposed to most adoptions in which birth and adoption records are sealed by court order, open adoptions allow the parties to decide how much contact the adoptive family and the birthparents will have.
Law Terms fraudulent transfer is In a bankruptcy case, a transfer of property to another for less than the propertys value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.
Law Terms author is In terms of copyright protection, either the person who creates the work, the person or business that pays another to create the work in an employment context or the person or business that commissions the work under a valid work for hire contract. For example, a songwriter may write a song, but if he is employed by a company to do so, the company is the author of that song for copyright purposes.