Springwillow Place

What Springwillow Place's governing documents say

This is not a full HOA rulebook. It is a recorded Declaration of Restrictive Covenants for Lot 1, Block 1 of Springwillow Place Addition in Burleson, TX, imposed under the Capital Magnet Fund loan program. The covenants bind the property owner (borrower) and all future owners to maintain affordable housing requirements for a 10-year period. This document primarily affects the landlord/owner, not residents directly, but residents must meet income limits to qualify for occupancy.

• Affordability (Income & Rent Limits): All revenue-producing units must be occupied by Low-Income (≤60% AMI), Very Low-Income (≤50% AMI), or Extremely Low-Income (≤30% AMI) families. At least 4 units for Extremely Low-Income, 19 for Low-Income, and 16 for Very Low-Income. Maximum rent for each household type is 30% of the applicable income standard, adjusted for bedroom size, as defined in 12 C.F.R. Part 1807.401(a).
• Affordability Period Duration: The affordability restrictions last 10 years from the Affordability Period Commencement Date, projected to be no later than December 31, 2024. The property must remain affordable for the full 10 years.
• Tenant Income Verification: Tenant income must be determined annually in accordance with 12 C.F.R. Part 1807.401(f). The over-income tenant recertification rules in 12 C.F.R. Part 1807.401(g) also apply.
• Renter Protections (Section 8/HOME Vouchers): The borrower/owner cannot refuse to lease a unit to a Section 8 or HOME tenant-based rental assistance voucher holder solely because of that status.
• Resale Restrictions: During the 10-year affordability period, the borrower cannot sell or convey any interest in the project without the lender's written consent.
• Default & Remedies: If the borrower fails to comply and does not cure within 30 days of written notice, the lender may demand immediate loan repayment, exercise available remedies, or obtain a temporary or permanent injunction.
• What this document doesn't cover: This document does not address typical neighborhood rules such as pets, parking, landscaping, architectural review, noise, or common area maintenance. There is no homeowners' association governance here—only affordability restrictions and lender oversight.

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.