South Terrace Apartments

What South Terrace Apartments's governing documents say

South Terrace Apartments is a multifamily rental community in Waco, TX, financed with tax-exempt bonds. This regulatory agreement binds the owner to rent units to low-income tenants and to follow specific operational rules; it does not contain typical HOA-style covenants for residents.

• Affordability: At least 40% of the units must be rented to qualified tenants earning no more than 60% of the area median income. Income is verified annually, and tenants can stay even if their income rises up to 140% of the limit.
• Rental terms: All units must be rented on a non-transient basis, with minimum lease terms of 30 days. The property cannot be used as a hotel, motel, or dormitory.
• Occupancy rules: No preference may be given to any class of tenants except as required by law. Full-time students are allowed only under specific circumstances, such as receiving assistance, being married, or being a single parent.
• Lease protections: Tenants cannot be evicted solely because their income exceeds the qualifying limit unless it exceeds 140% of the limit; if so, the next available unit must go to a qualified tenant.
• Owner obligations: The owner must maintain records, submit compliance certificates, and allow government inspections. The property cannot be converted to cooperative or condominium ownership during the compliance period.
• What this document doesn't cover: This document doesn't address typical community rules such as pets, parking, noise, or maintenance. Those would be found in the lease or other property management policies.

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.