Terrace Oaks Homeowners' Association, Inc.

What Terrace Oaks Homeowners' Association, Inc.'s governing documents say

This document is a deed restriction for a single-family home at 1508 Byrd Dr in River Oaks (Tarrant County), created under the Federal Home Loan Bank of Dallas's HELP affordable housing program. It binds the current and future owners to income and resale restrictions for a 5-year retention period. It is not a full HOA or community rulebook.

• Affordability & income limit: The property must be occupied by a low- or moderate-income household, defined as earning at or below 80% of the area median income (adjusted for family size).
• Retention period & subsidy repayment: If the property is sold or refinanced within 5 years from the closing date (April 30, 2020), the owner must repay a pro-rata share of the $6,500 direct subsidy (reduced by 1/60 per month) up to the net proceeds, unless the new buyer is also low/moderate-income or the amount owed is $2,500 or less.
• Notice & subordination: The Bank's Community Investment Department must be notified of any sale, transfer, or refinancing during the retention period. This deed restriction is subordinate to existing liens; foreclosure or death extinguishes it.
• What this document doesn't cover: This is a partial affordability covenant. It does not address typical HOA or community rules such as pet restrictions, maintenance, parking, architectural review, or common area use.

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.