Vah-Ki Court Apartments

What Vah-Ki Court Apartments's governing documents say

Vah-Ki Court Apartments is a 24-unit affordable rental community in Coolidge, AZ financed with federal Low-Income Housing Tax Credits (LIHTC). This recorded agreement binds the property owner (landlord) to income limits and rent restrictions for the benefit of tenants. As a renter, you must meet income qualifications at move-in and annually, and you have protections against unjust eviction and rent increases beyond what the tax credit program allows.

• Affordability & income limits: At least 23 of the 24 rental units must be rented to households earning 40% or less of the area median gross income (AMGI). Income certifications are required at move-in and annually. Over-income tenants may stay as long as their income does not exceed 140% of the current limit, and a comparable low-income unit is then rented.
• Lease terms & eviction protections: Leases for low-income units must include a provision for immediate termination if a tenant materially misrepresents income. No tenant in a low-income unit may be evicted except for good cause. After the Extended Use Period ends, there is a 3-year period during which eviction is restricted and rent increases are limited to those allowed by Section 42.
• Rent restrictions & increases: Rents for low-income units are restricted based on the applicable income limits. The agreement prohibits increasing gross rent beyond what Section 42 of the Internal Revenue Code permits. Annual certifications of rent and utility allowances must be provided.
• Extended Use Period & duration: The affordability restrictions run with the land until at least December 31, 2051 (the Extended Use Period). The agreement may terminate earlier upon foreclosure or if no buyer willing to maintain low-income status is found after a one-year search, but even then, protections for existing tenants last 3 more years.
• Transfer & sale restrictions: The owner cannot sell or transfer the property unless the buyer agrees in writing to assume all obligations under this agreement. Any sale must comply with the qualified contract rules under Section 42.
• What this document doesn't cover: This document does not set rules for pets, parking, noise, trash, or other day-to-day conduct of residents. It also does not specify application procedures, security deposit amounts, or amenities beyond a tot lot and basic appliances (range, refrigerator, A/C, exhaust fan).

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.