Cedar Ridge Ph1

What Cedar Ridge Ph1's governing documents say

This is a federal affordable housing Land Use Restriction Agreement (LURA) covering single-family homes in Cedar Ridge Ph1 Lot, Crowley, TX. It runs with the land and binds current and future owners to rent or sell homes to lower-income households at capped rents for a term of 40–50 years. The document does not contain typical HOA rules; it is an income-restriction covenant.

• Affordability & income limits: A minimum number of units (the exact count is missing in the text) must be held available as 'Qualifying Units' for Lower-Income Families (≤80% of area median income) and Very Low-Income Families (≤50% of area median income). Annual income recertification is required.
• Rent limits: Rent for Qualifying Units occupied by Very Low-Income Families cannot exceed 30% of adjusted income for a family at 50% of area median income; for other Lower-Income Families, it is capped at 30% of adjusted income for a family at 65% of area median income. Adjustments are made for unit size (number of bedrooms).
• Occupancy requirements: Owner must continuously make Qualifying Units available to eligible households. If income rises, tenants may remain under certain conditions (e.g., income up to 140% of the limit). Vacant units that were previously occupied by qualified tenants count as qualified for up to 31 days.
• Term of restrictions: The covenants last for 40 years from the date of this agreement, or 50 years from the date the unit was initially placed in service (whichever is later), subject to earlier termination by foreclosure, casualty, or sale to a qualified low-income purchaser.
• Sale & resale restrictions: Owner may sell units to a 'Qualifying Lower-Income Purchaser' (must occupy as principal residence for 12 months and sign a recapture agreement). Sales to non-qualified purchasers are allowed only if the required number of rental units is maintained. Any sale not in compliance is void.
• Lease provisions: All leases for Qualifying Units must include a recertification clause and an agreement that inaccurate income information is grounds for lease termination.
• Administrative fee: Owner must pay an annual administrative fee of $50 per required Qualifying Unit (minimum $250), adjusted for inflation (CPI-U). An additional fee may be assessed for noncompliance.
• What this document doesn't cover: This document does not govern typical HOA or condo rules such as architectural review, parking, pets, noise, or common area maintenance. It solely imposes affordable housing restrictions on ownership and rental.

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.