Granite Ridge Townhomes LLC

What Granite Ridge Townhomes LLC's governing documents say

This is a land use restrictive covenant for a Low-Income Housing Tax Credit (LIHTC) rental community called The Grande at Granite Falls in Rolesville, NC. It binds the property owner/landlord, not residents, and ensures the community remains affordable to low-income households for a long period.

• Affordability: At least 40% of units must be rent-restricted and occupied by households earning 60% or less of area median income, and at least 25% of qualified units must be affordable to households at or below 30% of county median income.
• Rent and eviction protections: The owner cannot evict tenants of low-income units except for good cause, and cannot raise rents above the maximum allowed under Section 42 of the IRS code.
• Leasing & rentals: All eligible units must be leased to qualifying low-income tenants, and the owner cannot refuse to rent to Section 8 voucher holders because of their voucher status.
• What this document doesn't cover: This document does not contain typical HOA rules like pet limits, parking, or architectural review; it only covers income/rent restrictions and owner obligations for the tax credit program.

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.