Habitat 11th Street Addition Plano 2012

What Habitat 11th Street Addition Plano 2012's governing documents say

These are individual deed restrictions recorded against specific lots in the Habitat 11th Street Addition subdivision in Plano, Texas. They are not a community-wide HOA declaration, but rather lot-specific affordability covenants that run with the land, typically for a period of 5 or 10 years from the date of recording. The restrictions are designed to ensure that the property remains affordable to low- or moderate-income households and that it serves as the owner's principal residence.

• Affordability & income limits: During the Period of Affordability, a purchaser must be a low- or moderate-income household, defined as having income at or below 80% of the area median family income, as determined by HUD and adjusted for family size.
• Occupancy requirement: The purchaser must certify in writing that they will occupy the property as their principal residence for the remainder of the Period of Affordability.
• Resale price restrictions: Upon any sale during the Period of Affordability, the sales price must be set at an amount affordable to a reasonable range of low- or moderate-income households, as determined by the Lender (City of Plano) pursuant to HUD Section 8 income schedules.
• Period of affordability: The Period of Affordability begins on the date the restrictions are recorded and lasts either 5 or 10 years, depending on the specific document for the lot (e.g., 10 years for Lot 5 Block B, 5 years for other lots). After the period ends, the restrictions terminate.
• What this document doesn't cover: These restrictions do not create a homeowners association, set any rules about pets, parking, leasing duration, architectural review, or common area maintenance. They are solely focused on preserving affordability and owner-occupancy for a fixed period.

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.