Ganyard Towns Homeowners Association

What Ganyard Towns Homeowners Association's governing documents say

This is a deed restriction document for a single-family home in the Ganyard Towns subdivision, Durham, NC, tied to an affordable housing loan from the North Carolina Housing Finance Agency. It binds the current and future owners of this specific property, not a homeowners association, and is not a full community rulebook.

• Affordability period: The restrictions last for 10 years from February 27, 2018, and may extend beyond the loan term. The property must remain subject to these restrictions during that period.
• Owner occupancy: The owner must occupy the home as their principal residence within 60 days of the declaration and continue to do so for the entire 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.
• 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 restrictions: Any transfer of title or possession (except as permitted by federal law) requires prior written approval from NCHFA. Selling or refinancing does not end the affordability period.
• Recapture provisions: If the owner sells the home and the net proceeds are insufficient to pay off the NCHFA loan in full, NCHFA may accept the net proceeds as full satisfaction, but only if the sale price reflects fair market value.
• What this document doesn't cover: This document does not contain general HOA rules about pets, parking, maintenance, or common areas. It only covers affordable housing restrictions for this one property.

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.