Legacy West

What Legacy West's governing documents say

Legacy West is a single-family home community in Pantego (Tarrant County), Texas. These deed restrictions are affordability covenants from the Federal Home Loan Bank of Dallas' Homebuyer Equity Leverage Partnership (HELP) program. They bind the owner/landlord, not renters, and require the property to be occupied by a low- or moderate-income household and impose repayment obligations if the property is sold or refinanced within a five-year retention period.

• Affordability / Income restriction: The property must be occupied by a low- or moderate-income household, defined as having an income at or below 80% of the area median income (adjusted for family size). This restriction applies during the five-year retention period and may continue if the property is sold to another qualifying household.
• Retention period: A five-year period begins at the closing date of the property. During this time, the deed restrictions are in effect, and special rules apply to sales and refinances.
• Subsidy repayment: If the property is sold or refinanced during the retention period, the owner must repay a pro-rata share of the direct subsidy (up to $3,500) to the Bank. The repayment amount is reduced by 1/60 for each full month the owner has owned the property, and is paid from any net gain after expenses.
• Foreclosure & termination: Foreclosure of a prior recorded lien (or deed-in-lieu, or assignment to HUD) will extinguish these deed restrictions. However, the Bank must be given notice of any foreclosure during the retention period.
• What this document doesn't cover: These deed restrictions do not include typical homeowners association rules (e.g., pets, parking, architectural review, common area maintenance). They are solely affordability covenants that bind the property owner. For community rules, refer to separate HOA 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.