County staff explain foreclosure risk on restrictive covenant in Foundation for Affordable Housing transaction
County property management staff told commissioners that the county’s affordable‑housing restrictive covenant would be extinguished if a lender forecloses on the property; staff said the county offered the parcel at a discount and the buyer plans 10 veteran units.
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County property management staff briefed the board on a proposed transaction with the Foundation for Affordable Housing and clarified how a restrictive covenant would behave if a lender foreclosed on the property.
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