Cypress Cove
substantial declaration text with NO association/board/assessment/common-area language
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What Cypress Cove's governing documents say
Cypress Cove is a Low-Income Housing Tax Credit (LIHTC) rental community in Wilmington, NC. This document is a Declaration of Land Use Restrictive Covenants that binds the property owner (not residents) to income and rent restrictions in exchange for tax credits. It is not a set of rules for tenants; it governs the landlord's obligations to maintain affordability.
- Affordability: At least 40% of units must be rent-restricted and occupied by households earning 60% or less of area median income. Rents on those units cannot exceed the maximum allowed under Section 42 of the Internal Revenue Code.
- Renter protections: The owner cannot evict low-income tenants without good cause and cannot raise rents above the maximum allowed. The owner must accept Section 8 vouchers and cannot refuse to lease to voucher holders.
- Term of restrictions: The income and rent restrictions last for an 'Extended Use Period' of 15 years after the 15-year compliance period (total up to 30 years). After foreclosure, restrictions may terminate except for certain tenant protections that continue for 3 more years.
- What this document doesn't cover: This document does not contain rules for tenants (e.g., pets, parking, noise, maintenance). It only restricts the owner's use of the property. Tenant rules would be in a separate lease or community handbook.
Key facts from Cypress Cove's documents
- Community type
- Rental housing development (low-income housing tax credit project) (WHEREAS clauses)
- Developer / declarant
- Cypress Cove of Wilmington, LLC (First page: 'by Cypress Cove of Wilmingt)
- Governing law
- Section 42 of the Internal Revenue Code of 1986, as amended (WHEREAS clauses and Section 1)
- Leasing & rentals
- Units to be used on other than a transient basis (Section 3(f): 'which are to be used on o)
- Use restrictions
- Owner shall not permit the use of any residential rental unit for any purpose other than rental housing (Section 3(k))
- Amendments
- Owner shall take all actions to amend to comply with Section 42; no amendment shall apply without written consent of NCTRAC; while mortgage outstanding, HUD prior written consent required (except clerical corrections) (Section 7(c) and HUD Rider (g))
Related associations
Nearby (within 500 m): Creekwood North · Pauline Place
About this HOA
Cypress Cove is a homeowners association in Wilmington, NC.
HOAproxy has 1 document on file for Cypress Cove: 1 CC&R. Last updated 2026-06-01.