Section 123 - Judicial actions1.Owners; qualified holders. An action affecting an affordable housing covenant may be brought or intervened in by:A. An owner of an interest in the real property burdened by the covenant; or [1991, c. 373(NEW).]B. A qualified holder of the benefit of the affordable housing covenant. [1991, c. 373(NEW).] [1991, c. 373(NEW).]
2.State; political subdivision. An action affecting an affordable housing covenant may be intervened in by the State or a political subdivision of the State in which the real property burdened by the covenant is located. [1991, c. 373(NEW).]
3.Power of court. This chapter does not affect the power of a court to enforce an affordable housing covenant by injunction or proceeding in equity or to modify or terminate an affordable housing covenant in accordance with principles of law and equity. A court may deny equitable enforcement of an affordable housing covenant when it finds that a change of circumstances has rendered that covenant no longer in the public interest. If the court so finds, the court may allow damages as the only remedy in an action to enforce the affordable housing covenant. A comparative economic test may not be used to determine under this subsection if an affordable housing covenant is in the public interest.
[1991, c. 373(NEW).]