Seven Oaks (NC)

What Seven Oaks (NC)'s governing documents say

This is an affordable housing restrictive covenant for a single-family home in the Seven Oaks subdivision (Charlotte, NC), binding the owner (not renters) to income and occupancy rules for a 10-year affordability period. It is not a full HOA or condo rulebook—it only covers affordability restrictions tied to a second mortgage from the North Carolina Housing Finance Agency.

• Affordability period: The restrictions last 10 years from July 2014 (the 'Period of Affordability'), and may extend beyond the loan term. The period automatically suspends upon foreclosure or deed-in-lieu, but revives if the prior owner reacquires the property.
• Owner occupancy required: The owner must occupy the residence as their principal residence within 60 days of the declaration and for the entire affordability period. No renting, leasing, or using as a second home or investment property is allowed.
• No renting or leasing: The owner cannot rent any part of the residence. Violation may result in legal enforcement by the lender.
• Home business restriction: The residence cannot be used primarily for trade or business, and the owner cannot deduct any portion of the cost as a home business expense on tax returns.
• Transfer and recapture: Any sale or transfer (except as permitted by federal law) requires prior written approval from NCHFA. If the sale proceeds are insufficient to pay the second mortgage in full, NCHFA may accept net proceeds as full satisfaction, but can demand full payment if the sale price is below fair market value.
• What this document doesn't cover: This document does not cover HOA rules, architectural guidelines, pet restrictions, parking, or any other typical community association rules. It only imposes affordability and occupancy restrictions on the property owner.

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.