Garrett P R Plano

What Garrett P R Plano's governing documents say

This is a set of affordable-housing deed restrictions recorded for specific single-family homes in the P.R. Garrett Addition neighborhood in Plano, TX. The rules bind the current and future owners of each restricted property, not the whole neighborhood. They are not a full homeowners association rulebook — they only address resale, income limits, and affordability periods tied to public subsidies.

• Affordability period: The property is subject to a 'Period of Affordability' ranging from 5 to 15 years (common terms: 5, 10, or 15 years) starting from the date of the restrictions. During this time, resale and occupancy rules apply.
• Income qualification for buyers: Any future purchaser during the affordability period must be a low- or moderate-income household, generally earning at or below 80% of the area median family income (adjusted for family size), as determined by HUD. The lender (City of Plano or other) must approve the buyer in writing.
• Resale price cap: The sales price during the affordability period is capped at an amount affordable to a reasonable range of low- or moderate-income households, based on HUD's Section 8 income schedules.
• Owner occupancy required: The buyer must certify in writing that they will use the property as their principal residence for the remaining months of the affordability period.
• Notice and lender consent: The owner must give written notice to the lender (City of Plano or FHLB Dallas) before any sale, refinancing, or foreclosure during the affordability period. The sale or transfer requires the lender's written consent.
• Subsidy repayment (some properties): For properties with a recorded subsidy amount (e.g., $7,000), the owner may have to repay a prorated portion of that subsidy upon sale or refinancing during the retention period unless the buyer is a qualified low- to moderate-income household.
• Termination upon foreclosure: These deed restrictions terminate automatically after a foreclosure or transfer in lieu of foreclosure by a senior lienholder.

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.