Oasis at the Wells

What Oasis at the Wells's governing documents say

This is an affordable rental community (Oasis at The Wells) governed by a Low-Income Housing Tax Credit (LIHTC) agreement. The rules bind the property owner, ensuring that all 72 units are rented to low-income households at restricted rents. Residents must meet income limits and enjoy specific protections like no eviction without cause and lease renewal rights. The community is not age-restricted and is open to families.

• Affordability & Income Limits: All 72 units are low-income: 24 units reserved for households earning ≤40% of Area Median Gross Income (AMGI), 24 for ≤50% AMGI, and 24 for ≤60% AMGI. Gross rents are capped at 30% of the imputed income limit for each tier. Tenants must certify income annually; over-income tenants may stay until income exceeds 140% of the limit, provided comparable units are filled with eligible tenants.
• Lease Terms: Leases must be in writing, for a term of at least 6 months, and on a nontransient basis. Tenants must annually recertify income. No eviction without cause; any termination or nonrenewal requires a written notice specifying grounds at least 30 days in advance. Lease renewal is mandatory unless cause exists not to renew.
• Tenant Protections: No prospective tenant may be denied occupancy solely because they hold a Section 8 voucher or certificate. The owner must not discriminate on the basis of race, creed, color, sex, age, handicap, marital status, or national origin. Units must be maintained as safe, decent, and suitable housing in compliance with local codes.
• Property & Amenities: The project contains 72 rent-commanding units: 18 one-bedroom/one-bath, 32 two-bedroom/one-bath, and 22 three-bedroom/two-bath. Amenities include a pool, playground, community room, common area laundry (4 washers, 4 dryers), BBQ/picnic area, and a no-smoking policy in all buildings with designated outdoor smoking areas. Parking includes 36 unmarked spaces and 72 carports.
• Duration of Rules: The affordability and use restrictions run with the land through December 31, 2050 (the Extended Use Period). After a foreclosure or deed-in-lieu, the restrictions continue for three more years to protect existing tenants from eviction or rent increases beyond code limits.
• What this document doesn't cover: This is a landlord-required affordability covenant, not a resident rulebook. It does not cover pet policies, parking rules, noise, guest restrictions, or homeowner association matters. Such details, if any, would be found in the lease or separate community documents.

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.