Buena Suerte

What Buena Suerte's governing documents say

Buena Suerte (Picacho Peak Apartments) in Eloy, AZ is a state and federally-funded affordable rental housing project. This document imposes a legal affordability restriction binding the property owner (not residents) to keep all 16 units rented to very-low- and low-income households at regulated rents for 15 years and beyond. If you are a prospective tenant, this tells you the income limits you must meet, the rent ceilings you will pay, and your lease protections.

• Funding & affordability restrictions: This project was funded by the State Housing Fund Program (HOME Investment Partnership and Housing Trust Fund) and USDA Rural Development. The owner must keep the property as rental housing for eligible households; the restriction runs for 15 years from the Certificate of Occupancy (2009) and is extended through May 2060 by a separate USDA covenant.
• Tenant income limits: All 16 units (7 one-bedroom, 8 two-bedroom, 1 three-bedroom) must be rented to very-low-income households (annual income ≤50% of area median, adjusted by family size) or low-income households (≤60% of area median). Tenant income is verified at lease signing and recertified annually.
• Rent ceilings: Rents are capped at the "Low Program Rent" (50% of area median) or "High Program Rent" (65% of area median), whichever is less, or fair market rent if lower. All calculations include a utility allowance deduction applied by the landlord.
• Lease terms & tenant protections: Leases must run at least one year unless you both agree otherwise. The owner cannot make you waive your right to a jury trial, court defense, notice of eviction, or legal proceedings. The owner can evict only for serious or repeated lease violation, legal violation, or "good cause," with 30 days' written notice.
• Tenant income increases & rent adjustments: Income is recertified annually. If your income rises but stays under 80% of area median income, your unit converts to the High Program Rent tier with adjusted rent. If your income exceeds 80% of median, your rent becomes 30% of your adjusted income (capped at fair market rent).
• Housing voucher acceptance & non-discrimination: The owner cannot refuse to lease to you if you hold a Section 8 housing voucher or comparable state or federal tenant-based assistance.
• What this document doesn't cover: This is an affordability restriction imposed by funders, not a resident rulebook. It does not cover occupancy policies (pets, guests, noise), maintenance responsibilities, community governance, HOA rules, or lease terms outside affordability requirements — those are in a separate lease or community governing document.

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.