I have a property I am interested in buying at auction. It was built in 2003 and in 2004 classified as affordable housing. The house is going up to auction this Monday in New Jersey.
1. Am I able to buy it or do I need to qualify for affordable housing to buy it?
2. Does the affordable housing restrictions go away when you buy it at auction/Sheriff sale ?
It all depends on the deed restrictions, but this matter is state by state.
I’d do a google search on the matter, and if a lawyers name pops up in one of the articles, I’d call that person.
Craig, I believe in NJ it must remain an affordable housing unit for 20 or 30 years. I also think you must rent it to someone qualified but double check here under the NJ COAH laws