Southport Abbington Oaks

What Southport Abbington Oaks's governing documents say

This is a Low-Income Housing Tax Credit (LIHTC) restrictive covenant recorded by the owner of Abbington Oaks, a rental apartment community in Southport, NC. It binds the owner/landlord, not residents, to maintain income and rent limits for at least 30 years in exchange for tax credits. Residents and prospective tenants benefit from these affordability protections.

• Affordability: At least 40% of units must be rent-restricted and occupied by households earning 60% or less of area median income. Additionally, at least 50% of qualified units must be affordable to households at or below 50% of county median income, and at least 25% to households at or below 40% of county median income.
• Renter protections: The owner cannot evict or terminate tenancy of a low-income unit tenant except for good cause, and cannot raise gross rent above the maximum allowed under Section 42 of the Internal Revenue Code. The owner must also accept Section 8 vouchers.
• Term of restrictions: The income and rent restrictions run for an 'Extended Use Period' of 15 years after the 15-year Compliance Period, totaling at least 30 years. Even after termination, a 3-year period follows during which eviction and rent increase protections continue.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pets, parking, noise, or architectural changes). It is a covenant between the owner and the state housing agency, not a homeowner or tenant rulebook.

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.