Jenkins

What Jenkins's governing documents say

This is a land use restrictive covenant for Tanner Place, an affordable rental housing community in Jacksonville, NC. The document binds the property owner (landlord), not residents, to income and rent limits under the Low-Income Housing Tax Credit (LIHTC) program. Residents do not have to follow these rules; the landlord must ensure units are affordable and occupied by qualifying low-income households.

• Affordability & income limits: At least 40% of units must be rent-restricted and occupied by households earning 60% or less of area median income. Additionally, at least 40% of units must be occupied by households earning 50% or less of median income, and at least 25% of qualified units must be affordable to households earning 40% or less of county median income.
• Renter protections: The owner cannot evict a low-income tenant without good cause or raise rent above the maximum allowed under Section 42 of the Internal Revenue Code. The owner also cannot refuse to lease to a holder of a Section 8 voucher because of that status.
• Term of restrictions: The income and rent restrictions last for an 'Extended Use Period' of 15 years after the end of a 15-year Compliance Period, totaling up to 30 years. After that, the owner must still not evict or raise rents above limits for three more years.
• What this document doesn't cover: This document does not contain any rules for residents (e.g., pet limits, parking, noise, or architectural changes). It only restricts the landlord's operation of the property. For resident rules, refer to the lease agreement.

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.