Stratford Lakes Owners Association Inc

What Stratford Lakes Owners Association Inc's governing documents say

This is a declaration of restrictive covenants for a single-family home in Stratford Lakes Subdivision, Durham, NC, tied to an affordable housing loan from the North Carolina Housing Finance Agency (NCHFA). It binds the property owner (and future owners) to income and occupancy restrictions for a 10-year affordability period, not a typical HOA rulebook.

• Affordability period: The property is restricted for 10 years from June 27, 2016, to keep it affordable under the NCHFA Community Partners Loan Pool program. The period may extend beyond the loan term.
• Owner occupancy: The owner must occupy the home as their principal residence within 60 days of the declaration and continue living there for the entire affordability period.
• Leasing & rentals: Renting the home or any part of it is prohibited during the affordability period; the property cannot be used as an investment, second, or recreational home.
• Home business: The residence cannot be used primarily for trade or business, and the owner cannot deduct home business expenses on tax returns.
• Transfer restrictions: Any transfer of title or possession without prior written NCHFA approval may trigger legal enforcement. Selling or refinancing does not end the affordability period.
• What this document doesn't cover: This is not a full HOA rulebook; it does not cover common areas, pets, parking, architectural review, or other typical community rules.

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.