Allencrest

What Allencrest's governing documents say

These documents are land use restriction agreements and deed restrictions that run with the land at Allencrest, a single-family home community in White Settlement, TX. They are not a homeowners association rulebook; instead, they impose affordability covenants from federal programs (RTC Affordable Housing Disposition Program and Federal Home Loan Bank of Dallas) that bind property owners to income-based resale limits and occupancy requirements.

• Affordability restrictions: The property is subject to a Land Use Restriction Agreement (LURA) requiring that the buyer occupy it as a principal residence for at least 12 months; resale within the first year triggers a recapture of 75% of the gain above the original purchase price (plus improvements and closing costs).
• Occupancy requirement: The buyer must certify intent to occupy the property as their principal residence for at least 12 months from the date of the agreement. This is a covenant running with the land.
• Recapture on resale: If the owner sells or transfers the property within one year of acquisition, the Resolution Trust Corporation (or successor) recaptures 75% of the net proceeds exceeding the sum of the original purchase price ($44,000 in one instance) plus closing costs and documented improvement costs.
• Termination of restrictions: The restrictions automatically terminate one year after the original buyer acquires title (unless earlier released by the RTC, or upon foreclosure/deed-in-lieu/HUD assignment). A waiver of the recapture requirement may be granted for good cause shown.
• Subordination to prior liens: These deed restrictions are subordinate to any valid outstanding prior lien; foreclosure or deed-in-lieu of such prior lien extinguishes the restrictions. Notice of foreclosure must be given to the Bank (Federal Home Loan Bank of Dallas) during the retention period.
• What this document doesn't cover: These documents do not establish typical HOA rules, fees, pet policies, architectural controls, or maintenance obligations. They are solely affordability and occupancy covenants. There is no community association or shared amenities described.

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.