Lariat Village

What Lariat Village's governing documents say

Lariat Village is an affordable rental housing community in Flowing Wells, AZ (Pima County), consisting of 120 rental units. This document is an Affordable Housing Restrictive Covenant that binds the property owner to long-term affordability restrictions—not a typical HOA rulebook for residents. The rules apply to the landlord, ensuring that units are rented to income-qualified households at capped rents for 30 years.

• What this document covers: This covenant imposes affordability restrictions on the owner for 30 years. During both the LIHTC period (until 2056 unless earlier terminated) and the County period (30 years from 2025), at least some units must be leased to households earning ≤80% of area median income (AMI), with rent capped at the 80% AMI rent limit published by Arizona Department of Housing. After the LIHTC period ends but before the County period expires, all 120 units must meet those limits.
• Who is bound: The restrictions bind the property owner and run with the land; they do not directly impose rules on residents. Residents must qualify based on income, but the owner is responsible for verification and compliance.
• Income and rent restrictions: During the County Affordability Period, households occupying County Affordable Units must have income ≤80% of AMI for Pima County (as determined by HUD). Monthly rent for those units cannot exceed the 80% AMI rent limit established by Arizona Department of Housing (including utilities). During the LIHTC period, units must comply with LIHTC income/rent limits (published annually).
• Lease term and eligibility verification: The owner must verify household income for each County Affordable Unit using documents like pay stubs or government verification, and retain records for the tenancy plus at least one year. No minimum lease term is stated in this covenant; lease terms are governed by other documents.
• Maintenance and habitability: During the Affordability Period, the owner must maintain the project suitable for occupancy, in decent, safe, and sanitary condition, and in good repair per applicable codes.
• Nondiscrimination: The owner may not discriminate in leasing based on race, color, ethnicity, religion, sex, age, disability, marital or familial status, sexual or gender identity, or lawful source of income.
• Enforcement and remedies: Pima County may inspect, require cure of violations (with 30 days' notice or longer if diligent), sue for specific performance or injunction, and seek damages based on a formula: $673,000 × (duration of violation / 30 years) × (units affected / 120). Prevailing party recovers costs and attorneys' fees. Limited partner also gets notice and cure rights.
• What this document doesn't cover: This covenant does not address typical HOA rules such as pets, parking, architectural review, noise, use of common areas, or resident conduct. Those topics, if any, would be covered by a separate document (e.g., a Declaration of Covenants for Lariat Village referenced in the exhibits).

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.