Nebraska Revised Statutes Chapter 77. Revenue and Taxation § 77-1395. Sales-restricted house; assessment; application; county assessor; duties

(a) The provision of safe, decent, and affordable housing to all residents of the State of Nebraska is a matter of public concern and represents a legitimate and compelling state need, affecting the general welfare of all residents;

(b) Sales-restricted houses effectively provide safe, decent, and affordable housing to residents of Nebraska;

(c) Sales-restricted houses are restricted by tools such as deed restrictions, covenants, land-lease agreements, and other similar recorded instruments that establish a period of affordability for low-income persons; and

(d) These restrictions alter the value of the property by limiting an owner's ability to sell the property.

(a)Charitable nonprofit housing organization means a charitable nonprofit organization whose primary purpose is the construction or renovation of residential housing for conveyance to low-income persons;

(b)Low-income person means a person with a household income of not more than one hundred twenty percent of the area median income, as determined by the United States Department of Housing and Urban Development;

(c)Primary residence means the home or place in which an individual's habitation is fixed and to which the individual has a present intention of returning after an absence therefrom, regardless of the duration of the absence; and

(d)Sales-restricted house means a residential single-family property that is subject to restrictions, created pursuant to a deed restriction, covenant, land-lease agreement, or other similar recorded instrument, that:

(a) The value of the sales-restricted house at its unrestricted appraised value; and

(b) The maximum sales price allowed for the sales-restricted house under the applicable restrictions.