Venus Retirement Village

What Venus Retirement Village's governing documents say

Venus Retirement Village is a Low-Income Housing Tax Credit (LIHTC) rental community in Venus, TX — this Declaration of Land Use Restrictive Covenants (LURA) binds the project owner (landlord), not residents, to maintain income and rent restrictions for 30 years in exchange for tax credits. It is not a standard HOA or condo rulebook; residents are affected by eligibility limits and maximum rents, and the owner must comply with federal and state monitoring.

• Who this document binds: This covenant runs with the land and binds all current and future owners/operators of the project. Residents are not directly parties, but their eligibility and rent are governed by these restrictions.
• Income eligibility: At least 40% of units must be occupied by households earning ≤60% of Area Median Gross Income (AMGI), and at least 20% by households earning ≤50% of AMGI. Income is recertified annually, and existing tenants may remain even if their income later exceeds the limit (up to 140% of the applicable level) until a comparable unit becomes available.
• Rent restrictions: Gross rent (including a utility allowance if tenants pay utilities) cannot exceed 30% of the imputed income limitation for the unit size and income level. The project owner must also accept Section 8 vouchers.
• Term of restrictions: The restrictions last for an initial 15-year Compliance Period plus an additional 15-year Extended Use Period (total 30 years from the first year of credit period). The term may be extended or terminated early only under specific conditions (foreclosure or failed qualified contract). After termination, current low-income tenants retain occupancy for three years.
• Transfers and successor obligations: The project owner cannot sell or transfer any building without requiring the successor to sign an assumption agreement accepting all obligations under this declaration. The Department may void any sale if such agreement is not obtained.
• Monitoring and enforcement: The Texas Department of Housing and Community Affairs monitors compliance; the owner must maintain records, pay an annual monitoring fee of $15 per required low-income unit (minimum $100), and cooperate with inspections. Noncompliance triggers additional fees and possible loss of tax credits.
• What this document doesn't cover: This is not a complete set of community rules — it does not cover pets, parking, architectural changes, noise, or other typical HOA topics. It also does not impose an age restriction despite the name 'Retirement Village'; any age limits would need to come from separate documents.

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.