Ridgewood Homeowners Association

What Ridgewood Homeowners Association's governing documents say

This is a declaration of restrictive covenants for a single-family home in Ridgewood Subdivision, Durham County, NC, tied to an affordable housing loan from the North Carolina Housing Finance Agency. It binds the current and future owners of this specific property, not a homeowners association, and is meant to keep the home affordable for a 10-year period.

• Affordability period: The restrictions last 10 years from November 19, 2025, and may extend beyond the loan term. The period can be suspended by foreclosure but revives if the former owner regains the property.
• Owner occupancy: The owner must live in the home as their principal residence within 60 days of the declaration and for the entire affordability period.
• Leasing & rentals: Renting the home or any part of it is prohibited; it cannot be used as an investment, recreational, or second home.
• Home business: The home cannot be used primarily for a trade or business, and the owner cannot deduct home business expenses on state or federal taxes.
• Transfer restrictions: Any transfer of title or possession without prior written approval from NCHFA 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 contains no rules about pets, parking, architectural review, or common areas. It only imposes affordability and occupancy restrictions on this one 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.