Rankin Terrace Apartments
substantial declaration text with NO association/board/assessment/common-area language
We didn't find proxy provisions in the governing documents on file. This usually means the bylaws haven't been uploaded yet.
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What Rankin Terrace Apartments's governing documents say
Rankin Terrace 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 (landlord), not the residents. It sets income and rent restrictions to ensure affordability for low-income households for a minimum of 30 years.
- Affordability: At least 40% of units must be rent-restricted and occupied by households earning 60% or less of area median gross income. Additionally, at least 50% of qualified units must be affordable to households earning 40% 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 cannot increase gross rent above that maximum for low-income units.
- Renter protections: The owner cannot evict or terminate tenancy of a low-income unit tenant except for good cause. The owner must accept Section 8 vouchers and cannot refuse to lease to a voucher holder because of that status.
- Term of restrictions: The income and rent restrictions last for an 'Extended Use Period' of 15 years after the 15-year Compliance Period, totaling at least 30 years. Even after early termination (e.g., foreclosure), protections continue for three more years.
- What this document doesn't cover: This document does not contain rules for residents such as pet policies, parking, noise, or use of common areas. It only governs the owner's obligations regarding affordability and tenant protections.
Key facts from Rankin Terrace Apartments's documents
- Community type
- Affordable Housing — income/rent restricted (LIHTC/HOME/etc.)
- Developer / declarant
- Rankin Place Terrace, LLC (Preamble)
- Governing law
- Section 42 of the Internal Revenue Code of 1986, as amended (WHEREAS)
About this HOA
Rankin Terrace Apartments is a homeowners association in Wilmington, NC.
HOAproxy has 1 document on file for Rankin Terrace Apartments: 1 CC&R. Last updated 2026-06-01.