Hope Crossing Homeowners Association Inc

What Hope Crossing Homeowners Association Inc's governing documents say

This is a declaration of restrictive covenants for a single-family home at 708 Belmont Drive in Durham, NC, part of the Hope Crossing II subdivision. It is not a full HOA rulebook; it is an affordability restriction tied to a second mortgage from the North Carolina Housing Finance Agency (NCHFA), binding the current and future owners for 10 years. It is relevant to anyone buying or living in this specific home, as it limits occupancy, renting, and business use.

• Affordability period: The restrictions last 10 years from February 16, 2024, and may extend beyond the loan term. They run with the land, so future owners are bound.
• Owner occupancy required: The owner must live in the home as their principal residence within 60 days of the declaration and continue to do so for the entire 10-year period.
• Leasing & rentals: Renting the home or any part of it is prohibited. The home 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. Selling or refinancing does not end the affordability period.
• What this document doesn't cover: This document does not cover typical HOA rules like pets, 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.