Pendleton Townhomes LLC

What Pendleton Townhomes LLC's governing documents say

This is a regulatory agreement for Pendleton Townhomes, a 88-unit affordable rental community in Durham, NC, financed with tax-exempt bonds. It binds the property owner (PT Durham Limited Partnership) to income and rent restrictions, not residents. If you're a prospective renter, this document tells you the community is income-restricted and that leases must be for at least one year.

• Affordability & income limits: At least 40% of units must be rented to households earning 60% or less of area median income (adjusted for household size). Income is recertified annually, and tenants must provide tax returns or other verification.
• Leasing & rentals: Units cannot be rented for less than 31 days, and leases for income-restricted units must be for at least one year. Subleasing is only allowed with owner approval and if the subtenant qualifies as a lower-income tenant.
• Occupancy & use: The property must be operated as a residential rental community, not as transient lodging (hotel, motel, dormitory, etc.). Units must have complete living facilities (kitchen, bath, etc.).
• What this document doesn't cover: This document does not cover typical HOA rules like pets, parking, noise, or architectural review. It is a financing agreement, not a community rulebook.

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.