ORLANDO INDUSTRIAL7.2%+0.4%
MIAMI MULTIFAMILY$3,420+1.2%
TAMPA RETAIL4.8%-0.2%
US-192 CORRIDOR$340/SF+4.1%
30Y FIXED MORTGAGE6.72%-0.08%
FED PROBABILITY (PAUSE)92%+2%
ORLANDO INDUSTRIAL7.2%+0.4%
MIAMI MULTIFAMILY$3,420+1.2%
TAMPA RETAIL4.8%-0.2%
US-192 CORRIDOR$340/SF+4.1%
30Y FIXED MORTGAGE6.72%-0.08%
FED PROBABILITY (PAUSE)92%+2%
ORLANDO INDUSTRIAL7.2%+0.4%
MIAMI MULTIFAMILY$3,420+1.2%
TAMPA RETAIL4.8%-0.2%
US-192 CORRIDOR$340/SF+4.1%
30Y FIXED MORTGAGE6.72%-0.08%
FED PROBABILITY (PAUSE)92%+2%

What happens to the income-restricted units after 30 years?

The Land Use Restriction Agreement (LURA) runs for a minimum of 30 years from the date of the certificate of occupancy. After 30 years, the LURA expires unless it is renewed, and renewal is voluntary, not mandatory. A developer or owner who reaches the 30-year mark without renewing the LURA is free to convert the previously income-restricted units to market-rate status. This conversion terminates the property tax exemption for those units. The practical implication for investors evaluating LLA projects: the 30-year LURA is not a permanent restriction on the asset. It is a time-limited obligation that expires and converts the asset to a fully market-rate multifamily building at the 30-year anniversary. This conversion event, from affordable/market-rate blend to 100% market-rate, is itself a potential value crystallization event if market rents at year 30 are substantially above the restricted rents that applied during the LURA term.