Gresham Place Apartments

What Gresham Place Apartments's governing documents say

Gresham Place Apartments is a 51-unit rental housing community in Wilmington, NC, governed by a Low-Income Housing Tax Credit (LIHTC) covenant. This document binds the owner/landlord, not the residents. It requires that 100% of units be leased to households earning 60% or less of area median income, with rent restrictions, for a minimum extended use period of 15 years after the initial 15-year compliance period (total at least 30 years).

• Affordability & income limits: All 51 units must be rented to households earning 60% or less of area median gross income (adjusted for family size). The owner must verify tenant income at least annually.
• Rent restrictions: Units are rent-restricted under Section 42 of the Internal Revenue Code. The owner also agreed not to seek a qualified contract to terminate restrictions for at least 15 years after the compliance period ends.
• Extended use period: The income and rent restrictions last for the compliance period (15 years) plus an additional 15 years (total 30 years), unless terminated earlier by foreclosure or qualified contract process.
• Renter protections: The owner cannot refuse to lease to a holder of a Section 8 voucher. After any termination of the extended use period, existing low-income tenants cannot be evicted without good cause for three years, and rents cannot be raised above the Section 42 maximum during that time.
• What this document doesn't cover: This is a land use restrictive covenant for tax credits only. It does not cover pet rules, parking, noise, maintenance responsibilities, or other typical landlord-tenant rules. Those would be in a separate lease or property 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.