Falls River Condominium

What Falls River Condominium's governing documents say

This is a deed restriction agreement for a specific unit (Unit 202) in Falls River Condominiums, a condominium community in Raleigh, NC. It is part of the City of Raleigh's First-Time Homebuyer Program, funded by HOME funds, and it places affordability restrictions on the property for a 20-year period. This document is not a full set of community rules; it is an ancillary affordability covenant that binds the current and future owners of this unit.

• Affordability restrictions: The unit must be owner-occupied as a primary residence for 20 years, and the buyer must be a first-time homebuyer, a low-income family (income at or below 80% of area median), and the home must be 'modest housing' (purchase price at or below 95% of median).
• Sale & transfer restrictions: The owner cannot sell, transfer, or otherwise alienate the property without the City's prior written consent. The restrictions run with the land and bind future owners during the 20-year affordability period.
• Enforcement & remedies: The City can enforce the restrictions through legal action, including injunctions, specific performance, or monetary damages, and can recapture the mortgage loan if the owner violates the terms.
• Term & termination: The restrictions last 20 years from the effective date, but they automatically terminate upon foreclosure or deed-in-lieu of foreclosure, unless the former owner or related party reacquires the property within the remaining period.
• What this document doesn't cover: This document does not contain the community's general rules (e.g., pets, leasing, maintenance, assessments). Those are in the Falls River Condominium Declaration and By-laws, which are referenced but not included here.

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.