Lake Ridge Commons

What Lake Ridge Commons's governing documents say

Lake Ridge Commons 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 (landlord), not residents, to income and rent limits for at least 30 years. Residents must meet income qualifications, and rents are capped.

• Affordability: At least 40% of units are rent-restricted and occupied by households earning 60% or less of area median gross income. Additionally, at least 25% of qualified units are affordable to households at or below 30% of county median income.
• Rent restrictions: Rents on low-income units cannot exceed the maximum allowed under Section 42 of the Internal Revenue Code. The owner cannot increase gross rent above that limit during the Extended Use Period.
• Renter protections: The owner cannot evict or terminate tenancy of a low-income unit tenant without good cause, and cannot refuse to lease to a Section 8 voucher holder because of that status.
• Term of restrictions: The income and rent restrictions run for the Extended Use Period, which is 15 years after the 15-year Compliance Period (total at least 30 years). After termination, protections continue for 3 more years for existing tenants.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pets, parking, noise, architectural changes). It only restricts the owner/landlord. 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.