Cottonwood Crossings Apartments

What Cottonwood Crossings Apartments's governing documents say

Cottonwood Crossings Apartments is a 128-unit affordable rental community in Casa Grande, AZ, governed by a Low-Income Housing Tax Credit (LIHTC) restrictive covenant. This document binds the property owner (not residents) to maintain income and rent restrictions in exchange for federal tax credits. It ensures a portion of units are reserved for low-income households and restricts rent increases, with enforcement by the Arizona Department of Commerce.

• Affordability & income limits: The document requires that at least 23.25% of units be occupied by households earning 60% or less of area median gross income (AMI), at least 25.75% by households earning 50% or less AMI, and at least 13.25% by households earning 40% or less AMI. Income certifications must be collected annually, and tenants whose income exceeds 140% of the applicable limit may lose low-income status.
• Rent restrictions: Units designated as low-income must be rent-restricted in accordance with Section 42 of the Internal Revenue Code. The annual rent (including utility allowances) cannot exceed the maximum allowed for the applicable income level. Rent increases are limited, and eviction is only permitted for good cause.
• Lease term: Initial leases for all units must be for a term of at least six months, and units must be rented on a non-transient basis.
• Occupancy & non-discrimination: Units must be rented to the general public without discrimination based on race, creed, color, sex, age, handicap, marital status, or national origin (except as provided in Exhibit B for special needs populations). Applicants holding Section 8 vouchers or certificates cannot be denied occupancy.
• Tenant protections: Existing low-income tenants cannot be evicted or have their rents increased before the close of the three-year period following termination of the Extended Use Period. Tenants may enforce specific performance of the owner's obligations under the agreement.
• Extended use period & monitoring: The income and rent restrictions remain in effect during the 'Extended Use Period,' which begins when the building is part of a qualified low-income project and ends 15 years after the close of the 15-year compliance period (minimum 30 years total). The owner must pay an annual monitoring fee (lesser of $25 per low-income unit or $5,000) and submit annual certifications to the Department of Commerce.
• What this document doesn't cover: This is not a typical HOA or condominium rulebook. It does not contain rules about pets, parking, landscaping, architectural review, or community amenities. It focuses solely on affordability covenants binding the property owner. Residents should refer to their individual lease for unit-specific rules.

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.