11-251.10 - Arizona Statutes

11-251.10. Conveyance or lease; affordable housing; agreement; recording A. If a board of supervisors determines that any real property or interest in the real property owned, or to be purchased, by a county can be used to provide affordable housing for persons and families of low income as determined by the United States department of housing and urban development and that this use is in the county's best interests, the county may sell, lease, exchange, quitclaim, convey or otherwise dispose of the real property or interest in the real property at less than fair market value, or purchase an interest in the real property, to provide affordable housing without holding a public auction and for less than the fair market value as required by section 11-256. B. Dwelling units provided for persons and families of low income under this section shall be restricted by regulatory agreement to remain continually affordable to low income persons and families for the longest feasible time, but not less than thirty years, pursuant to a method prescribed by the county. C. The regulatory agreement shall contain a provision making the covenants and conditions of the agreement binding on a successor in interest and shall be recorded in the office of the county recorder of the county in which the housing development is located.