Spring Branch

What Spring Branch's governing documents say

Spring Branch is a Low-Income Housing Tax Credit (LIHTC) rental apartment community in Wilmington, NC. This document is a Declaration of Land Use Restrictive Covenants that binds the property owner (not residents) to federal income and rent restrictions in exchange for tax credits. It is not a set of rules for tenants, but rather a legal agreement ensuring the owner maintains affordable housing for low-income households for a minimum of 30 years.

• Affordability: At least 40% of units must be rent-restricted and occupied by households earning 60% or less of area median gross income. Rents on those units cannot exceed the maximum allowed under Section 42 of the Internal Revenue Code.
• Renter protections: The owner cannot evict a low-income tenant without good cause, and cannot raise rents above the Section 42 maximum. The owner must accept Section 8 vouchers and cannot refuse to lease to voucher holders.
• Term of restrictions: The income and rent restrictions last for an 'Extended Use Period' of 15 years after the 15-year compliance period, totaling at least 30 years. After that, the owner must still not evict existing low-income tenants without good cause or raise rents above the maximum for three more years.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pet limits, parking, noise, or architectural changes). It is a legal covenant between the owner and the state housing agency. Tenants should look to their lease for day-to-day 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.