Travis Ranch 3B

What Travis Ranch 3B's governing documents say

This document is a deed restriction recorded for a specific property at 924 Johnson City Avenue in Travis Ranch Phase 3B (Forney, TX), part of a federal affordable housing program (HELP). It binds the property owner and all future owners, requiring income-qualified occupancy and repayment of a direct subsidy upon sale or refinancing during a retention period. This is not a full community rulebook—it covers only affordability covenants, not typical HOA rules like pets, parking, or architectural standards.

• Affordability & income restriction: The property is restricted to low- or moderate-income households (income at or below 80% of area median, adjusted for family size). During the Retention Period, any sale or transfer to a non-qualifying buyer requires repayment of a pro-rata share of the direct subsidy (up to $10,000), reduced by 1/60 per month of ownership, if the amount exceeds $2,500.
• Retention Period & repayment obligation: A Retention Period begins at closing. For 60 months (5 years), if you sell or refinance, you must repay a portion of the subsidy (see above) from net proceeds, minus your investment, unless the new buyer is also low/moderate-income. The subsidy is reduced by 1/60 each month of ownership.
• Notice requirements: The Federal Home Loan Bank of Dallas must be notified of any sale, transfer, assignment, foreclosure, or refinancing during the Retention Period.
• Termination events: The restrictions are extinguished by foreclosure, deed-in-lieu of foreclosure, transfer to HUD, or death of the assisted homeowner. However, the Bank must still receive notice of foreclosure.

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.