Peacock Terrace

What Peacock Terrace's governing documents say

This document is a deed restriction on a single-family property at Peacock Terrace Addition (Dallas, TX) under the City's Upfront Cost Assistance Program (UCAP). It binds the current and all future owners to affordability and occupancy rules designed to keep the home available for low-income homebuyers.

• Affordability requirements: Future buyers must be low-income families with annual income at or below 80% of the Dallas SMSA median income (HUD-determined). For properties using UCAP funds from the state, monthly PITI plus utilities cannot exceed 45% of the buyer's monthly adjusted income.
• Resale restrictions: The owner may only sell to a low-income family/homebuyer who will use the property as a principal residence. Before selling, owner must give 30 days written notice to the City, disclose the restrictions, and have the buyer qualified by the City. The City must provide written consent to the sale.
• Owner occupancy requirement: The owner must occupy the property as their principal residence during the restriction term, unless they sell to a qualifying low-income homebuyer.
• Term of restrictions: These restrictions run until the UCAP assistance ($2,000) is repaid in full (if sold to a nonqualifying buyer) or until the property is sold to a low-income buyer. If HOME funds are used and a HUD-insured mortgage exists, the term equals the mortgage term. The City may amend or terminate the restrictions at any time.
• Enforcement and remedies: The City has exclusive right to enforce these restrictions. Remedies include damages, attorney's fees, withholding certificate of occupancy, and indemnification. The owner must defend and hold the City harmless.

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.