Bennett Village Apartments

What Bennett Village Apartments's governing documents say

Bennett Village Apartments is a Low-Income Housing Tax Credit (LIHTC) rental community in Wilmington, NC. This document is a Declaration of Land Use Restrictive Covenants that binds the property owner (not residents) to income and rent restrictions in exchange for tax credits. It ensures that a minimum percentage of units are affordable to low-income households for a long term.

• 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 25% of qualified units must be affordable to households earning 30% or less of county median income.
• Rent restrictions: Rents on low-income units cannot exceed the maximum allowed under Section 42 of the Internal Revenue Code. The owner cannot increase gross rent above that maximum for such units.
• Tenant protections: The owner cannot evict or terminate tenancy of a low-income unit tenant without good cause, and cannot refuse to lease to a holder of a Section 8 voucher. The owner must comply with fair housing laws.
• Term of restrictions: The income and rent restrictions last for an 'Extended Use Period' of 15 years after the end of a 15-year Compliance Period, totaling up to 30 years. After foreclosure, restrictions may terminate earlier, but tenant protections continue for 3 more years.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pets, parking, noise, or maintenance responsibilities). It only governs the owner's obligations regarding affordability and rent limits.

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.