Oak Knoll-Asheville Limited

Key facts from Oak Knoll-Asheville Limited's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Affordable Housing — income/rent restricted (LIHTC/HOME/etc.)

Units / lots

180 (Recitals: '180-unit multifamily housing )

Developer / declarant

Ledgewood-Asheville Limited Partnership (Preamble)

Governing law

North Carolina Housing Authorities Law (Article 1 of Chapter 157 of the North Carolina General Statutes) and Internal Revenue Code Section 142(d) (Section 1 Definitions: 'Act' and 'Code')

Collections & liens

Enforcement cannot accelerate loan or create claim against Project except surplus cash (Section 8(f) and HUD provisions page 33-)

Reserves & fees

Reasonable costs of investigating and approving Disposition, including attorney’s fees (Section 7(a)(v) and (vi))

Leasing & rentals

Yes, project is rental housing (Section 3(a))

Parking & vehicles

290 automobile parking spaces for use by residential tenants, no charge (Section 6(c))

Home business

Not explicitly prohibited, but commercial facilities not allowed (Section 6(a): Project has no Commercial )

Maintenance

Borrower (Implicit from maintenance obligation)

Use restrictions

Yes, must be multifamily residential rental property (Section 3(a) and Section 3(h): no conver)

Amendments

By writing executed by all parties, with Bond Counsel opinion and Mortgage Lender consent; also automatic amendment if Code imposes more restrictive requirements (Section 17(a) and (b))

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.