East Side Flats

Key facts from East Side Flats's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Multifamily rental project (low-income housing) (General description)

Units / lots

159 (WHEREAS: '159-unit multifamily housing f)

Developer / declarant

WCO East Side, LP (Party line)

Governing law

North Carolina Housing Authorities Law, Article 1 of Chapter 157; Section 142(d) of the Internal Revenue Code (Section 1 (Act) and Section 3)

Reserves & fees

Reasonable costs of investigating and approving Disposition (Section 7(a)(v): 'require the payment to)

Leasing & rentals

Yes, required to be leased to general public and low-income tenants (Section 3(d): 'dwelling units ... shall )

Parking & vehicles

287 automobile parking spaces, no charge (Section 6(c): '287 automobile parking sp)

Use restrictions

Yes, must be operated as multifamily Rental Housing, not hotel, dormitory, etc. (Section 3(a), (c)(ii))

Amendments

By written agreement of all parties with opinion of bond counsel that it preserves tax-exempt status (Section 17(a): 'by a writing duly execut)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.