Laurel Village of Durham Homeowners Association Inc

What Laurel Village of Durham Homeowners Association Inc's governing documents say

This is a declaration of restrictive covenants for a single-family home at 124 Laurel Ave in Durham, NC, tied to a Self Help Loan Pool mortgage from the North Carolina Housing Finance Agency. It's an affordability restriction that binds the current and future owners, not a community-wide HOA rulebook. The rules require owner-occupancy and prohibit renting or using the home as a business or second home for a 10-year affordability period.

• Affordability period: The property must remain subject to these restrictions for 10 years from February 17, 2021, and the period may extend beyond the loan term. It can be suspended by foreclosure but may revive if the former owner reacquires the property.
• 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.
• Leasing & rentals: Renting the home or any part of it is prohibited, and the home cannot be used as an investment property, recreational property, or second home.
• Home business restriction: 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 without prior written approval from NCHFA may result in legal enforcement. A sale or refinancing does not end the affordability period.
• What this document doesn't cover: This document is not a full HOA rulebook. It does not cover community amenities, architectural guidelines, pets, parking, or other typical HOA rules. It only imposes affordability and occupancy restrictions on this single 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.