Carpenter Pointe Homeowners Association Inc

What Carpenter Pointe Homeowners Association Inc's governing documents say

This is a restrictive covenant declaration for an affordable housing rental property in Durham, NC, binding the property owner (the Declarant) to keep all units affordable for low-income tenants. It is not a homeowner association rulebook; it governs the landlord's obligations, not resident behavior.

• Affordability requirement: During the regulatory period, 100% of available units must be occupied or held for occupancy by low-income tenants (households earning at or below 80% of the area median income, adjusted for family size). Rents must be affordable to those tenants.
• Income certification & recertification: The owner must verify each tenant's income before move-in and recertify annually. If a tenant's income exceeds 140% of the applicable limit, the owner may choose not to renew the lease or may increase rent after 30 days' notice.
• Lease provisions: Each lease must state that the owner relied on the tenant's income certification and that any material misstatement can lead to immediate lease termination.
• Term & termination: The covenant runs for 10 years from the effective date, renewing annually, but can terminate early upon foreclosure, certain casualty events, loss of the property tax exemption, or at the owner's election.
• Enforcement: Only the Declarant (owner) can enforce these covenants; tenants and the general public have no third-party enforcement rights.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pets, parking, noise, maintenance duties). It only restricts the owner's operation of the property as affordable housing.

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.