Glennstone Homeowners Association Inc

What Glennstone Homeowners Association Inc's governing documents say

This is a restrictive covenant recorded against a single-family home in Glennstone Subdivision, Durham, NC, as part of an affordable housing program. It binds the property owner (and future owners) to income and occupancy restrictions for a 10-year affordability period, enforced by the North Carolina Housing Finance Agency. It is not a full HOA rulebook; it only covers affordability-related restrictions.

• Affordability period: The restrictions last 10 years from January 23, 2020, and may extend beyond the loan term. The period does not end if the property is sold or refinanced.
• Owner-occupancy requirement: 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. Renting the home or using it as a second home or investment property is prohibited.
• Transfer and rental restrictions: Any transfer of title or possession (except as allowed by federal law) requires prior written approval from NCHFA. Leasing any part of the property is not allowed and could trigger legal enforcement.
• Home business restriction: The residence cannot be used primarily for trade or business, and the owner cannot deduct any portion of the home as a business expense on tax returns.
• Enforcement and remedies: NCHFA can seek specific performance (court order to comply) for any breach, and monetary damages are considered inadequate. The covenants run with the land and bind all future owners.
• What this document doesn't cover: This document does not contain general HOA rules like pet limits, parking, architectural review, or common area maintenance. It only addresses affordability restrictions for this specific 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.