Wilkes Estates

What Wilkes Estates's governing documents say

Wilkes Estates is a single-family home subdivision in Fort Worth, TX. Some homes are subject to individual deed restrictions under the Federal Home Loan Bank of Dallas's Homebuyer Equity Leverage Partnership (HELP) Program. These restrictions impose an affordable housing covenant that limits resale proceeds and requires repayment of a direct subsidy if the home is sold or refinanced within a five-year retention period. The restrictions bind the current owner and run with the land.

• Affordability & income limits: The restrictions apply to households with income at or below 80% of the area median income, adjusted for family size. The exact income limit is determined by HUD methodology.
• Direct subsidy amount: The direct subsidy funded by the Bank varies by property: $4,500 (2018 doc), $5,500 (2020, 2021 docs), or $6,009 (2022 doc). This amount is subject to repayment upon sale or refinancing.
• Retention period & recapture upon sale: The retention period is five years from the date of the deed restriction (e.g., May 24, 2018; March 3, 2020; May 7, 2021; July 7, 2022; April 6, 2023). If sold during this period, the owner must repay the Bank the lesser of: (i) a pro rata share of the direct subsidy (reduced by 1/60 per month owned), or (ii) net proceeds minus the owner's investment, unless the buyer is also low/moderate income or the repayment amount is $2,500 or less.
• Recapture upon refinancing: If the property is refinanced during the retention period, the owner must repay a pro rata share of the subsidy (reduced by 1/60 per month owned) from any net gain, unless the property remains subject to a continuing deed restriction or the amount due is $2,500 or less.
• Extinguishment events: The deed restrictions are extinguished by foreclosure, deed-in-lieu of foreclosure, assignment of a FHA first mortgage to HUD, or death of the HELP-assisted homeowner. The Bank must be notified of any foreclosure during the retention period.
• Subordination to prior liens: These deed restrictions are subordinate to any valid outstanding lien recorded before them. A prior lender's foreclosure will extinguish the restrictions.
• What this document doesn't cover: These deed restrictions only address the affordable housing subsidy and recapture. They do not cover typical HOA rules like pets, parking, landscaping, architectural review, or common area maintenance. Wilkes Estates may have separate subdivision restrictions or an HOA, but that is not included in these documents.

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.