Wilson Terrace 2

What Wilson Terrace 2's governing documents say

This document is a mix of two separate filings for Wilson Terrace 2 in Terrell, TX: (1) a deed restriction that binds a single lot to an affordable housing covenant (income limits, shared equity upon sale), and (2) a partial amendment to Tower Place, Inc.'s HOA declaration about assessments on vacant lots. This is not a complete rulebook; it tells you only about affordability obligations for one lot and a rule change for lot assessments.

• Affordability covenant: Lot 3, Block E is restricted to low- or moderate-income households. A 'Direct Subsidy' amount is funded by the developer, and if the owner sells during a 60-month retention period, a pro-rata share of that subsidy (reduced by 1/60 per month owned) must be repaid from any net gain, unless the buyer is also low- or moderate-income. The same applies upon refinancing. This covenant runs with the land.
• HOA assessment amendment (vacant lots): The Second Amendment to Tower Place, Inc.'s Declaration changes Section 5.5.2: vacant lots or lots with a dwelling under construction are assessed at half the full rate if the owner does not start construction within 90 days of purchase, or if a certificate of occupancy is not received within one year of starting construction, or if the lot is owned by an operating entity defined by the Association.
• What this document doesn't cover: The text is a fragment of two separate records. It does not provide complete HOA rules for Wilson Terrace 2 (e.g., pet limits, parking, architectural reviews, or common area maintenance). The affordable covenant applies only to one specific lot, not the entire community.

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.