Cypress Grove Apartments

What Cypress Grove Apartments's governing documents say

Cypress Grove Apartments is an affordable housing rental community in Wilmington, NC. This document is a Declaration of Restrictive Covenants that binds the property owner (Declarant) to income and rent restrictions for a 10-year term. It is not a rulebook for residents; it governs the landlord's obligations to maintain affordability.

• Affordability: During the Regulatory Period (starting one year after the Effective Date and lasting 10 years), 100% of Available Units must be occupied by Low Income Tenants (income ≤ 60% of area median) or Moderate Income Tenants (income ≤ 80% of area median). Rents must be affordable to those tenants.
• Income certification & recertification: The Declarant must obtain income certifications from tenants before initial occupancy and recertify annually. If a tenant's income exceeds 140% of the applicable limit, the Declarant may choose not to renew the lease. Leases must include a provision allowing termination for material income misstatements.
• Term & termination: The covenants run with the land for a 10-year term from the Effective Date (December 12, 2024). The Declaration terminates automatically upon foreclosure, casualty, or condemnation, and the Declarant may also elect to terminate by recording a release.
• Enforcement: Only the Declarant and its lenders (as third-party beneficiaries) can enforce the covenants. Tenants, the general public, and government entities have no enforcement rights.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pet policies, noise, parking, or maintenance obligations). It is a regulatory agreement between the owner and a nonprofit, 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.