Can a buyer of an IZ unit add improvements to the property at the time of purchase?
Yes. However, because the City will take a second mortgage for the full difference between the full fair market appraised value of the property at the time the unit is purchased and its IZ set sale price, the City will not allow the contract sales price or purchase price to exceed the IZ set price for the unit. Therefore, any improvements must either be owner financed at purchase or must be covered by a third mortgage.
