- (a) All recipients must execute and record in the real property records of the county in which the development is located a Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) land use restriction agreement (LURA) that shall restrict the property to the use, income restrictions, and rent restrictions approved by the Board of Directors of the Arkansas Development Finance Authority.
- (b) A LURA must be executed and recorded prior to the disbursement of any FAF/BMIR funds to a recipient.
- (c) The LURA shall be a covenant that runs with the land and shall be an encumbrance on the property for a period of twenty (20) years from date of recording, unless otherwise approved by the board (the “affordability period”).