Mesa Madrid Townhouses

What Mesa Madrid Townhouses's governing documents say

This document is an affirmative land use restrictive covenant for a specific rental unit (225 N. Standage #120) within the Mesa Madrid Townhouse community in Mesa, AZ. It is not a full set of HOA or condominium rules, but a legally binding affordability restriction imposed as a condition of receiving HOME investment partnership funds. The covenant runs with the land for 15 years (from March 4, 2004), binding all future owners of that unit to limit rents and occupancy to low-income households.

• Affordability & rent limits: During the 15-year affordability period, the landlord must rent the unit at or below the lesser of: (1) HUD-determined fair market rent for the area minus an allowance for utilities paid by the tenant, or (2) 30% of the adjusted income of a family earning 65% of the area median income, adjusted for bedroom count. If the project has five or more HOME-assisted units, 20% of those must be rented to very low-income families (50% AMI) at no more than 30% of their monthly adjusted income (excluding any rental subsidy).
• Income & occupancy restrictions: The unit must be occupied only by households that qualify as low-income families as defined by HUD. The landlord must not discriminate against holders of Section 8 vouchers or HOME tenant-based assistance.
• Duration and binding effect: The affordability restrictions run with the land for 15 years from March 4, 2004, and bind all subsequent owners. Upon foreclosure or transfer in lieu, the period may be suspended but revives if the former owner or a related entity reacquires ownership. After expiration, the city must issue a release.
• What this document doesn't cover: This document does not address common HOA rules such as pets, parking, architectural changes, maintenance responsibilities, or assessments. It only imposes affordability and occupancy requirements on the specific unit's owner.

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.