Windmill Fm 1A 1B&1C

What Windmill Fm 1A 1B&1C's governing documents say

This document is a deed restriction for a single-family property (Lot 16, Block U, Windmill Farms Phase 1A, 1B & 1C in Forney, TX) that binds the property to affordable housing requirements due to a Direct Subsidy from the Federal Home Loan Bank of Dallas. It is not a community-wide rulebook; it applies only to this lot and imposes repayment obligations on the owner during a 5-year Retention Period. Buyers or renters should know that the property’s sale or refinancing may trigger repayment of a pro rata share of the subsidy unless the new purchaser is a Low- or Moderate-Income Household.

• Affordability & subsidy repayment: The property received a Direct Subsidy of up to $5,000. Upon sale or refinancing during the 5-year Retention Period, a pro rata share of the subsidy (reduced by 1/60 for each month owned) must be repaid to the Bank from any net gain, unless the purchaser is a Low- or Moderate-Income Household.
• Retention period: The Retention Period is 5 years beginning in 2008. During this time, the Bank's Community Investment Department must be notified of any sale or refinancing.
• Low- or Moderate-Income Household definition: A Low- or Moderate-Income Household is defined as one with income at or below 80% of the area median income (as determined by HUD), adjusted for family size.
• Subordination to prior liens: These deed restrictions are subordinate to any valid outstanding lien recorded before this instrument. Foreclosure of such a prior lien would extinguish these restrictions.
• What this document doesn't cover: This document does not establish ongoing HOA rules, pet restrictions, leasing requirements, maintenance obligations, or any community-wide standards. It only imposes affordability-related restrictions specific to this one property.

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.