Harbor Meadows

What Harbor Meadows's governing documents say

Harbor Meadows is a Low-Income Housing Tax Credit (LIHTC) rental community in Calabash, NC. This document is a Declaration of Land Use Restrictive Covenants that binds the property owner (not residents) to income and rent limits in exchange for federal tax credits. Residents are protected by these rules, but the rules govern the landlord, not tenant behavior.

• Affordability & income limits: At least 25% of units must be affordable to and occupied by households earning at or below 30% of county median income. The owner elected the 'average income test' minimum set-aside, and the applicable fraction (share of low-income units) must be 100%.
• Rent restrictions: The owner cannot increase gross rent above the maximum allowed under Section 42 of the Internal Revenue Code for low-income units. Rent increases are capped for the duration of the Extended Use Period (15 years after the 15-year Compliance Period, so up to 30 years total).
• Renter protections: The owner cannot evict or terminate tenancy of a low-income unit tenant except for good cause, and cannot refuse to lease to a holder of a Section 8 voucher. These protections continue for three years after any early termination of the Extended Use Period.
• Term & duration: The restrictions run for the Extended Use Period: 15 years after the 15-year Compliance Period (up to 30 years total). The period may end earlier if the property is acquired by foreclosure, but tenant protections continue for three more years.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pet limits, parking, noise, or architectural review). It only restricts the owner's operation of the property. Residents should look to their lease for day-to-day rules.

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.