Garden Lake Estates

What Garden Lake Estates's governing documents say

Garden Lake Estates is a 429-unit rental housing community in Wilmington, NC, governed by a Low-Income Housing Tax Credit (LIHTC) land use restrictive covenant. This document binds the owner/landlord, not residents, to income and rent restrictions for 30 years.

• Affordability: 100% of units must be leased to households earning 60% or less of area median gross income, with rent restricted accordingly.
• Rent & income restrictions: The owner must annually verify tenant income and maintain rents at or below the maximum allowed under Section 42 of the IRS Code for the entire 30-year extended use period.
• Extended use period: The restrictions last 15 years after the initial 15-year compliance period (total 30 years), with no option to request early termination during that time.
• Renter protections: After the extended use period ends, the owner cannot evict existing low-income tenants without good cause or raise rents above the Section 42 maximum for three more years.
• What this document doesn't cover: This is a land use restrictive covenant for tax credits only. It does not cover pet rules, parking, architectural review, or other typical HOA/condo regulations.

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.