South Brook

What South Brook's governing documents say

This document is an affordability deed restriction for a specific property in the South Brook community, recorded under the Federal Home Loan Bank of Dallas's Homebuyer Equity Leverage Partnership (HELP) program. It imposes resale restrictions and repayment obligations on the owner for a direct subsidy used toward the home purchase. The restriction runs with the land and binds future owners during the retention period.

• Affordability & Subsidy Repayment: The owner received a Direct Subsidy of up to $20,000 to assist with purchase. Upon any sale, transfer, or refinancing during the 5-year Retention Period, the seller must repay the lesser of: (i) a pro rata share of the subsidy, reduced by 1/60 for each month the seller has owned the property, or (ii) any net proceeds realized, minus the owner's investment. Repayment is not required if the property remains subject to another deed restriction or if the repayment amount is $2,500 or less.
• Retention Period: The Retention Period is 5 years, starting from the disbursement date of the subsidy (02/10/2024 in the first document, 02/02/2024 in the second). During this period, the Bank's Community Investment Department must be notified of any sale, assignment, or refinancing by the household.
• Subordination & Extinguishment: These deed restrictions are subordinate to any valid first mortgage or other prior recorded lien. Foreclosure, deed-in-lieu, or assignment of an FHA mortgage to HUD will extinguish the restrictions, as will the death of the HELP-assisted homeowner. The Bank must receive notice of any foreclosure during the Retention Period.
• What this document doesn't cover: This document is a partial, ancillary deed restriction specific to one property; it does not contain community-wide rules about pets, parking, architectural review, or common area maintenance. It also does not address HOA or condominium governance since South Brook may have separate, unprovided governing 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.