Davis L a Addition

What Davis L a Addition's governing documents say

This document is a set of affordable housing deed restrictions for properties in the L.A. Davis Addition (Plano, TX), filed by Habitat for Humanity of South Collin County. These restrictions bind the property owner (initially Habitat) and successors to maintain affordability for a 5-year period, targeting low- or moderate-income households. It is not a full homeowners association (HOA) rulebook; it only covers affordability covenants.

• Affordability requirements: During the 5-year Period of Affordability, any sale or transfer must be to a low- or moderate-income household (at or below 80% of area median income, adjusted for family size) as determined by the Lender (City of Plano).
• Owner-occupancy: The purchaser must certify in writing that they will occupy the property as their principal residence for the remaining months of the affordability period.
• Sales price restrictions: The sales price must be limited to an amount affordable to a reasonable range of low- or moderate-income households, as determined by the Lender using HUD Section 8 income schedules.
• Termination of restrictions: These deed restrictions terminate automatically after any foreclosure or transfer in lieu of foreclosure.
• What this document doesn't cover: This document does not address typical HOA matters such as common area maintenance, pets, parking, architectural review, or assessments. It solely contains affordability covenants for the property at 1105 G Avenue (and similar lots).

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.