Springhollow Place

What Springhollow Place's governing documents say

Thomas Square Apartments is an age-restricted (55+) rental community in Burleson, TX, financed through Low-Income Housing Tax Credits (LIHTC). This declaration is a legal covenant binding the property's owner (landlord) — not the residents — to affordability and occupancy rules for at least 30 years. Prospective tenants should understand that all 39 units are reserved for households earning 60% or less of the area median income, with rent limited to 30% of that income.

• Age & eligibility: The development is designated 'Elderly' and is intended for residents age 55 and older. All units are leased to low-income tenants, defined as households earning no more than 60% of the Area Median Gross Income (AMGI).
• Affordability & income limits: 100% of the 39 units must be occupied by low-income tenants earning ≤60% of AMGI (adjusted for family size). The landlord must recertify tenant income annually. If a tenant's income later exceeds 140% of the limit, the unit may continue to count as low-income until a comparable unit becomes available.
• Rent restrictions: Gross rent (including a utility allowance) for any low-income unit cannot exceed 30% of the applicable income limit (60% AMGI). The landlord cannot increase rent beyond what is permitted by Section 42 of the Internal Revenue Code.
• Renter protections & lease terms: The landlord cannot evict or terminate a low-income tenant except for 'good cause.' If the building's use restrictions end, current tenants still have the right to occupy their unit under the same terms for three more years, unless evicted for good cause. The landlord must maintain the property in habitable condition and cannot use units for non-residential purposes.
• Enforcement & compliance: Tenants, the Texas Department of Housing and Community Affairs (TDHCA), or any affected party can enforce these restrictions in court, including seeking specific performance and attorney fees. The landlord must keep records, allow inspections, and pay annual monitoring fees to TDHCA.
• What this document doesn't cover: This declaration does not set rules for pets, parking, guest policies, or other typical HOA-type restrictions. It also does not specify a minimum lease term (though state law may apply). For those details, consult the actual lease agreement and property manager.

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.