Lakeview Ests

What Lakeview Ests's governing documents say

This document is a Land Use Restriction Agreement between the Texas Department of Housing and Community Affairs and the owner of the Short Street Apartments (located on Lot 6, Block 10, Lakeview Estates in Cleburne, TX). It binds the owner to operate the property as affordable housing for low- and very low-income households, with rent and occupancy limits. It does not impose rules on residents directly, but tenants must meet income requirements and cooperate with income verification.

• Affordable housing restrictions: The owner must maintain the property as affordable housing for at least 10 years (the Affordability Period), with specific occupancy requirements: at least 4 units must be reserved for very low-income families (≤60% area median income), and additional units for low-income families (≤80% area median income).
• Income limits: Low-income families are those earning ≤80% of area median income; very low-income families earn ≤60%. Annual income is determined per HUD Section 8 guidelines, and tenants must recertify annually.
• Rent limits: Rents for qualifying units cannot exceed 30% of adjusted income, calculated at 60% or 80% of area median income depending on the tenant's category. Rents may be adjusted annually based on HUD income limits.
• Lease obligations: Leases with qualified tenants must include a certification of income accuracy and a clause that providing false information or failing to cooperate with income reexamination is grounds for lease termination.
• Compliance and enforcement: The Department monitors compliance via records, on-site visits, and audits. The owner must submit annual certifications. Default gives the Department the right to seek specific performance, injunction, or appointment of a receiver. Affected low-income families can also enforce occupancy requirements in court.
• Duration and termination: The restrictions run with the land for the Term, which ends upon completion of the Affordability Period (up to 10 years), or earlier if the property is lost through foreclosure, condemnation, casualty, or obsolescence as determined by the Department.
• What this document doesn't cover: This document does not include typical homeowners association rules (e.g., pets, parking, architectural review) or condominium bylaws. It solely addresses affordable housing restrictions for the rental property.

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.