Overland Flats Apartments

What Overland Flats Apartments's governing documents say

Overland Flats Apartments is a 200-unit affordable rental community in Maricopa, AZ. This Regulatory Agreement binds the landlord (Borrower) to maintain a portion of units as Low-Income for at least 15 years, ensuring rents stay affordable for qualifying households. The rules here apply to the property owner, not directly to tenants—tenants must meet income limits and provide annual certifications.

• Affordability & Income Limits: At least 40% of the apartment units must be set aside as Low-Income Units, meaning the household's gross income does not exceed 60% of the area median income (adjusted for family size). Income is re-certified annually. If a tenant's income later exceeds 140% of the limit, the next available comparable unit must be rented to a low-income household.
• Leasing & Minimum Stay: All leases must be for a term of 30 consecutive days or more; no transient use (hotel, motel, dormitory) is allowed. Leases for Low-Income Units include clauses certifying income accuracy and allowing termination for material misstatements.
• Occupancy Restrictions: Units cannot be used as a cooperative, condominium, or for any non-residential purpose. One unit may be set aside for a resident manager. The project must rent on a first-come, first-served basis to the general public with no preference to any class.
• Compliance & Monitoring: The borrower must submit quarterly Certificates of Continuing Program Compliance and annual IRS Form 8703. A Compliance Monitor (Family Housing Resources, Inc.) conducts annual reviews of income certifications and project records.
• Term of Restrictions: The affordability restrictions last for the 'Qualified Project Period'—minimum 15 years from when 50% of units are first occupied, or until bonds are retired or Section 8 assistance ends, whichever is latest.
• What this document doesn't cover: This is a regulatory agreement between the bond issuer and property owner. It does not contain typical HOA or condo rules (e.g., pet limits, parking, noise, architectural review). Those are managed separately by the landlord's lease agreement and property policies.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.