Fox Subdivision

What Fox Subdivision's governing documents say

This is an affordability restriction document for a single-family home in Fox Subdivision, Wilmington, NC. It binds the current owner (Shiletter S Jacobs) and all future owners for a 10-year period, requiring owner-occupancy and prohibiting rental or business use, as a condition of a loan from the North Carolina Housing Finance Agency.

• Affordability period: The restrictions last 10 years from January 28, 2014, and cannot be terminated early by sale or refinancing.
• Owner-occupancy requirement: The owner must occupy the home as their principal residence within 60 days of the declaration and for the entire 10-year period.
• Leasing & rentals: Renting the home or any part of it is prohibited during the affordability period.
• Business use: The home cannot be used primarily for a trade or business, and no home business expense deduction is allowed on taxes.
• Transfer restrictions: Any transfer of title or possession requires prior written approval from NCHFA; sale or refinancing does not end the affordability period.
• Recapture provisions: If the home is sold for less than the loan balance, NCHFA may accept net proceeds, but can demand full payment if the sale price is below fair market value.
• What this document doesn't cover: This is not a full HOA or community rulebook. It does not cover pets, parking, architectural standards, common areas, or any other typical neighborhood rules.

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.