Rushmoor

What Rushmoor's governing documents say

This is a deed restriction recorded on a single property (Lot 29, Block 11, Rushmoor, Second Increment) in Arlington, TX, creating an affordability covenant under the Federal Home Loan Bank's Homebuyer Equity Leverage Partnership (HELP) Program. It binds the current and future owners of this specific property to resale and refinancing restrictions for a 5-year retention period, requiring repayment of a pro-rata share of a direct subsidy unless the buyer is a low- or moderate-income household. This is not a full set of community rules—it only covers affordability requirements for this one lot.

• Affordability & Income Limits: A 'Low or Moderate-Income Household' is defined as having income at or below the area median income as determined by HUD. Upon sale or refinancing, a pro-rata share of the direct subsidy must be repaid to the Bank unless the purchaser qualifies as low/moderate income.
• Retention Period (5 Years): The restrictions apply for a 5-year period starting July 2, 2014 (the recording date). The subsidy repayment amount is reduced by 1/60 for each full month the owner has owned the property.
• Resale Restrictions: The owner must notify the Bank's Community Investment Department of any sale during the retention period. Any net gain from sale must be used first to repay the pro-rata subsidy, unless the buyer is a low- or moderate-income household.
• Refinancing Restrictions: If the property is refinanced during the retention period, a pro-rata share of the subsidy must be repaid from any net gain, unless the property remains subject to these deed restrictions.
• What This Document Doesn't Cover: This document is a single-property affordability covenant and does not cover any typical HOA or community-wide rules such as architectural review, parking, pets, leasing, or common area maintenance. It applies only to Lot 29, Block 11 of Rushmoor.

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.