How to remove deed restrictions from property?

[Shawn M.]

I'm looking to purchase a 3-family investment property but the previous owner (not the one selling it now) received state tax credits (in 2000) to complete a rehab. Now the property can only be sold to an owner occupant with max 80% of the median income. The deed says that this conveys with all subsequent owners for 50 years. Is there any way I can get this restriction removed so I can purchase the property as a non-owner occupied investor? (plus I don't meet the income requirement either)

Come on BP, help me out!

[Russell Brazil]

There is probably little chance of the deed restriction being lifted. The state has no incentive to life the restriction so you can make money at the states expense, even if that expense was 15 years ago.  You can always hire an attorney to attempt to get the restriction lifted, but thats probably just flushing your money down the toilet to be honest.