Egret Pointe

What Egret Pointe's governing documents say

Egret Pointe is a Low-Income Housing Tax Credit (LIHTC) rental community in Leland, NC. This document is a Declaration of Land Use Restrictive Covenants that binds the property owner (not residents) to income and rent limits for 30+ years. Residents must meet income qualifications and pay restricted rents; the rules protect affordability, not day-to-day living.

• Affordability & income limits: At least 40% of units are rent-restricted and occupied by households earning ≤60% of area median income. Additionally, 50% of qualified units must be affordable to households at or below 50% of county median income, and 25% to households at or below 40% of county median income.
• Rent restrictions: Gross rents for low-income units cannot exceed the maximum allowed under Section 42 of the Internal Revenue Code. Rent increases are limited even after the Extended Use Period ends, for three additional years.
• Renter protections: The owner cannot evict or terminate tenancy of a low-income unit tenant without good cause, and cannot refuse to lease to a holder of a Section 8 voucher because of that status.
• Term of restrictions: The income and rent restrictions run for the Extended Use Period: 15 years after the 15-year Compliance Period, totaling at least 30 years. The period may end earlier if the property is foreclosed, but tenant protections continue for three more years.
• What this document doesn't cover: This document does not cover day-to-day rules for residents (e.g., pets, parking, noise, maintenance responsibilities, or architectural changes). It is a covenant between the owner and the tax credit agency, not a resident handbook.

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.