Park Highland Arlington Homeowners' Association

What Park Highland Arlington Homeowners' Association's governing documents say

This document is a deed restriction (affordability covenant) for a single property (1417 E. Richmond Ave, Fort Worth, TX) within the Park Highland Arlington community. It is part of the Federal Home Loan Bank of Dallas's Homebuyer Equity Leverage Partnership (HELP) program and binds the current and future owners of this specific property to income and resale restrictions for a 5-year period.

• Retention period & restrictions: The property is subject to a 5-year retention period starting April 26, 2024. During this time, the owner must notify the Bank's Community Investment Department of any sale, transfer, assignment, or refinancing. The owner must repay a prorated portion of the direct subsidy (up to $20,000) unless the new buyer is a low- or moderate-income household or the repayment amount is $2,500 or less.
• Repayment upon sale: If sold during the retention period, the owner repays the lesser of: (i) the direct subsidy reduced by 1/60 per month of ownership, or (ii) net proceeds minus the owner's investment (unless the buyer is low/moderate-income or amount ≤ $2,500).
• Repayment upon refinancing: If refinanced during the retention period, the owner repays the lesser of: (i) the direct subsidy reduced by 1/60 per month of ownership, or (ii) net proceeds from refinancing minus the owner's investment (unless the property remains restricted or amount ≤ $2,500).
• Subordination to prior liens: These deed restrictions are subordinate to any valid outstanding lien recorded before this document. Foreclosure, deed-in-lieu, or assignment of a prior FHA mortgage will extinguish these restrictions (with notice to the Bank).
• What this document doesn't cover: This is a partial, property-specific deed restriction — it does not contain community-wide rules for Park Highland Arlington (e.g., HOA covenants, architectural guidelines, pet policies, or common area use). It only applies to the property at 1417 E. Richmond Ave and is not a complete set of governing documents for the community.

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.