Savannah Park of Keene

What Savannah Park of Keene's governing documents say

Savannah Park of Keene is an affordable rental housing community in Keene, TX, governed by two recorded deed restrictions that bind the property owner (not residents): a USDA Rural Housing Service covenant until 2063, and a Low-Income Housing Tax Credit (LIHTC) land use restriction through the Texas Department of Housing and Community Affairs (TDHCA). These documents require that all 36 rental units be leased only to low- or moderate-income households meeting specific income limits, with rent controls, for a period ending no earlier than 2063. The rules are enforceable by tenants, the USDA, or TDHCA.

• Affordability: All 36 units must be leased to households earning at or below 60% of the Area Median Gross Income (AMGI), adjusted for family size. Rents are restricted so that gross rent (including utilities) does not exceed 30% of the applicable income limit.
• Income certification & recertification: Tenants must be income-qualified at initial occupancy. Recertification occurs periodically; tenants whose income later exceeds 140% of the applicable limit may remain but the unit continues to count as low-income until a comparable unit becomes available.
• Property use restrictions: The property may only be used as rental housing (not homeownership) until May 1, 2063. No demolition or substantial removal of property is allowed, and units may not be used for non-residential purposes.
• Lease protections: During the Extended Use Period, tenancy may only be terminated for good cause, and rent may only be increased as permitted by Section 42 of the Internal Revenue Code.
• Enforcement & monitoring: The USDA, TDHCA, and any current or prospective low-income tenant can enforce these restrictions. TDHCA monitors compliance, requires annual reports, and may enter the property for inspections.
• Term of restrictions: The restrictions run until May 1, 2063 under the USDA covenant, and until the end of the Extended Use Period (at least 15 years after the Compliance Period, i.e., roughly 2038+), unless terminated earlier by foreclosure or qualified contract, subject to tenant protections.
• What this document doesn't cover: This is a partial document containing only affordability and use restrictions. It does not cover pet rules, parking, architectural guidelines, common area maintenance, or any typical HOA/condo bylaws. Residents should consult their lease and property management for day-to-day rules.

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.