Aster Ridge Community Association Inc

What Aster Ridge Community Association Inc's governing documents say

This is a declaration of restrictive covenants for a single-family home in Aster Ridge Subdivision, Durham, NC, tied to a Community Partners Loan Pool (CPLP) second mortgage from the North Carolina Housing Finance Agency (NCHFA). It is an affordable housing restriction that binds the property owner (and future owners) for 15 years, not a typical HOA rulebook. It applies to anyone who owns or buys this specific lot, and it restricts occupancy, renting, and business use.

• Affordability period: The restrictions last for 15 years from March 17, 2025, and may extend beyond the loan term. The period does not end if the property is sold or refinanced.
• Owner occupancy required: The owner must occupy the home as their principal residence within 60 days of the declaration and continue to live there for the entire 15-year affordability period.
• Leasing & rentals: Renting the home or any part of it is prohibited. The property cannot be used as an investment, recreational, or second home.
• Business use: The home cannot be used primarily for a trade or business, and the owner cannot deduct any portion of the home as a business expense on tax returns.
• Transfer & sale restrictions: Any transfer of title or possession without prior written approval from NCHFA may trigger legal enforcement. If the sale proceeds are insufficient to pay the loan in full, NCHFA may accept the net proceeds, but only if the sale price reflects fair market value.
• What this document doesn't cover: This document does not contain typical HOA rules such as architectural guidelines, pet limits, parking rules, or common area maintenance. It is a single-property affordability covenant, not a community-wide rulebook.

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.