Lockwood Village Apartments
substantial declaration text with NO association/board/assessment/common-area language
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What Lockwood Village Apartments's governing documents say
Lockwood Village Apartments 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 the residents. It ensures the complex remains affordable to low-income households for its extended use period — residents do not need to follow these rules, but the owner must.
- Affordability & income limits: At least 40% of units are set aside for households earning 60% or less of area median income; at least 40% of units are occupied by households earning 50% or less of median income. Additionally, at least 25% of qualified units are affordable to households earning 30% or less 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 may not increase rent above that limit for existing low-income tenants.
- Renter protections: The owner cannot evict or terminate tenancy of a low-income unit without good cause, nor refuse to lease to a holder of a Section 8 voucher. Tenants have the right to enforce these covenants.
- Term & duration: The rules apply for the 'Extended Use Period': 15 years after the 15-year Compliance Period, totaling roughly 30 years from when the building was placed in service. After foreclosure or earlier termination, certain protections continue for three more years.
- Owner obligations & enforcement: The owner must annually verify tenant incomes, allow inspections, and maintain all promised amenities. The North Carolina Housing Finance Agency and tenants can enforce these rules in court.
- What this document doesn't cover: This document does not cover day-to-day rules for residents (e.g., pet limits, parking rules, noise, guest policies, or maintenance responsibilities). Those would be in a separate lease or community rules.
Key facts from Lockwood Village Apartments's documents
- Community type
- Rental housing development known as Lockwood Village Apartments (WHEREAS clause, page 1)
- Governing law
- Section 42 of the Internal Revenue Code of 1986, as amended (WHEREAS clause, page 1)
- Leasing & rentals
- Yes, but only to low-income tenants meeting income restrictions; no short-term or transient occupancy (Section 3(f): 'other than on a transient basis') (Section 3(f) and Section 3(g)(i))
Related associations
Nearby (within 500 m): Woods Edge · Greenbriar Subdivision · Hidden Valley · Woodridge Pointe · Junction Creek Business Park · Fortune Place · Willoughby Park Townes HOA
About this HOA
Lockwood Village Apartments is a homeowners association in Wilmington, NC.
HOAproxy has 1 document on file for Lockwood Village Apartments: 1 CC&R. Last updated 2026-06-01.