New Brooklyn Homes at Robert R. Taylor Estates

What New Brooklyn Homes at Robert R. Taylor Estates's governing documents say

New Brooklyn Homes at Robert R. Taylor Estates 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 the residents, to federal income and rent restrictions in exchange for tax credits. Residents do not have to follow these rules; the landlord must ensure the property remains affordable to low-income households.

• 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 must be affordable to households earning 30% or less of county median income.
• Rent restrictions: The owner cannot increase gross rent above the maximum allowed under Section 42 of the Internal Revenue Code for low-income units.
• Renter protections: The owner cannot evict or terminate tenancy of a low-income tenant except for 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 apply for an Extended Use Period that begins when the first building is placed in service and ends 15 years after the 15-year Compliance Period ends (total up to 30 years). After that, protections continue for three more years for existing tenants.
• What this document doesn't cover: This document does not contain rules for residents (e.g., pet limits, parking, noise, or architectural changes). It only restricts the owner's operations. For resident rules, look for a separate lease or community 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.